LEON’S FURNITURE LTD. $15.43 (Toronto symbol LNF; TSINetwork Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 70.6 million; Market cap: $1.1 billion; Dividend yield: 2.6%) built its furniture chain on its four main strengths: a huge selection of furniture, appliances and electronics; a lowest-price guarantee; strong after-sales service; and aggressive TV, radio and print advertising.
The company grew by steadily adding new stores until the March 2013 purchase of its main rival, The Brick, for $700 million.
The Brick operates 234 stores across Canada, while Leon’s has 75 in every province except British Columbia. Leon’s and The Brick will continue to operate as separate chains.
As a result of that acquisition, Leon’s sales jumped in the three months ended September 30, 2013, to $528.6 million from $174.2 million a year earlier. Earnings rose 63.0%, to $21.3 million, or $0.30 a share, from $13.1 million, or $0.19.
At the end of September 2013, Leon’s held longterm debt of $439.1 million, or a manageable 40% of its $1.1billion market cap. The shares yield 2.6%.
Growth by acquisition can be risky, especially with a deal this big. Leon’s will now need to successfully integrate The Brick and pay down its debt. However, the purchase continues to look like a good fit.
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