LEON’S FURNITURE LTD. $9.99 (Toronto symbol LNF; SI Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 70.7 million; Market cap: $706.2 million) has built its chain of over 60 furniture stores 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.
In the three months ended March 31, 2009, Leon’s revenue fell 0.8%, to $195.2 million from $196.4 million. Earnings per share fell 24%, to $0.12 from $0.16.
Leon’s revenue fell mostly because the recession is prompting many consumers to put off buying new furniture. Still, the company gained market share, mainly because it advertised heavily to promote its 100th anniversary. This likely helped Leon’s keep its revenue drop small.
In turn, higher advertising expenses, along with a rise in product costs caused by the falling Canadian dollar, were the main reasons Leon’s earnings fell more than its revenue.
The company has no long-term debt, and holds cash of $108…
Privacy Policy and Terms of Use
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