LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended December 31, 2024; Full year normalized EPS up 5.4%
Leon's Furniture (LFL) reported mixed financial results for Q4 2024. While quarterly system-wide sales decreased 3.2% to $806.2 million and revenue declined 2.9% to $666.7 million, the company achieved a 91-basis point increase in gross profit margin to 45.85%. Adjusted net income grew 37.8% to $67.4 million, including a one-time $23.4 million pre-tax gain from a legal settlement.
For full-year 2024, system-wide sales increased 1.3% to $3,005.9 million, with revenue up 1.8% to $2,498.5 million. The furniture category grew 2.3%, and same-store sales rose 1.5%. Gross profit margin improved 26 basis points to 44.39%. Normalized adjusted net income increased 5.4% year-over-year. The company maintained strong liquidity of $513.2 million as of December 31, 2024.
Performance was impacted by reduced furniture inventory due to overseas shipping delays and the loss of Canada Post marketing during the holiday season. Despite these challenges, LFL outperformed the broader North American furniture retail industry, which reported sales declines.
Leon's Furniture (LFL) ha riportato risultati finanziari misti per il quarto trimestre del 2024. Sebbene le vendite complessive siano diminuite del 3,2% a $806,2 milioni e i ricavi siano calati del 2,9% a $666,7 milioni, l'azienda ha registrato un aumento di 91 punti base nel margine di profitto lordo, raggiungendo il 45,85%. L'utile netto rettificato è cresciuto del 37,8% a $67,4 milioni, includendo un guadagno una tantum ante imposte di $23,4 milioni derivante da un accordo legale.
Per l'intero anno 2024, le vendite complessive sono aumentate dell'1,3% a $3.005,9 milioni, con ricavi in crescita dell'1,8% a $2.498,5 milioni. La categoria dei mobili è cresciuta del 2,3% e le vendite nei negozi comparabili sono aumentate dell'1,5%. Il margine di profitto lordo è migliorato di 26 punti base, raggiungendo il 44,39%. L'utile netto rettificato normalizzato è aumentato del 5,4% rispetto all'anno precedente. L'azienda ha mantenuto una solida liquidità di $513,2 milioni al 31 dicembre 2024.
Le performance sono state influenzate dalla riduzione dell'inventario di mobili a causa dei ritardi nelle spedizioni internazionali e dalla perdita della promozione di Canada Post durante la stagione delle festività. Nonostante queste sfide, LFL ha superato il settore più ampio del commercio al dettaglio di mobili in Nord America, che ha registrato un calo delle vendite.
Leon's Furniture (LFL) informó resultados financieros mixtos para el cuarto trimestre de 2024. Aunque las ventas generales del sistema disminuyeron un 3,2% a $806,2 millones y los ingresos cayeron un 2,9% a $666,7 millones, la compañía logró un aumento de 91 puntos básicos en el margen de utilidad bruta, alcanzando el 45,85%. El ingreso neto ajustado creció un 37,8% a $67,4 millones, incluyendo una ganancia única antes de impuestos de $23,4 millones proveniente de un acuerdo legal.
Para el año completo 2024, las ventas del sistema aumentaron un 1,3% a $3,005.9 millones, con ingresos en aumento del 1,8% a $2,498.5 millones. La categoría de muebles creció un 2,3% y las ventas en tiendas comparables aumentaron un 1,5%. El margen de utilidad bruta mejoró en 26 puntos básicos, alcanzando el 44,39%. El ingreso neto ajustado normalizado aumentó un 5,4% interanual. La compañía mantuvo una sólida liquidez de $513,2 millones al 31 de diciembre de 2024.
El rendimiento se vio afectado por la reducción del inventario de muebles debido a retrasos en los envíos internacionales y la pérdida del marketing de Canada Post durante la temporada navideña. A pesar de estos desafíos, LFL superó a la industria minorista de muebles en América del Norte, que reportó caídas en las ventas.
레온스 가구 (LFL)는 2024년 4분기 혼합된 재무 결과를 보고했습니다. 시스템 전체 매출이 3.2% 감소하여 8억 620만 달러에 이르렀고, 수익은 2.9% 감소하여 6억 6천 670만 달러에 이르렀지만, 회사는 총 이익률이 91베이시스 포인트 증가하여 45.85%에 도달했습니다. 조정된 순이익은 37.8% 증가하여 6천 740만 달러에 도달했으며, 여기에는 법적 합의로 인한 일회성 세전 이익 2천 340만 달러가 포함됩니다.
2024년 전체 연도에 대해 시스템 전체 매출이 1.3% 증가했습니다 30억 59백만 달러로, 수익은 1.8% 증가하여 24억 9천 850만 달러에 이르렀습니다. 가구 카테고리는 2.3% 성장했으며, 동일 매장 매출은 1.5% 증가했습니다. 총 이익률은 26베이시스 포인트 개선되어 44.39%에 도달했습니다. 정상화된 조정 순이익은 전년 대비 5.4% 증가했습니다. 회사는 2024년 12월 31일 기준으로 5억 1천 320만 달러의 강력한 유동성을 유지했습니다.
성과는 해외 배송 지연으로 인한 가구 재고 감소와 휴일 시즌 동안 캐나다 우편 마케팅 손실로 영향을 받았습니다. 이러한 도전에도 불구하고 LFL은 판매 감소를 보고한 북미 가구 소매 산업보다 더 나은 성과를 보였습니다.
Leon's Furniture (LFL) a rapporté des résultats financiers mitigés pour le quatrième trimestre 2024. Bien que les ventes globales aient diminué de 3,2 % pour atteindre 806,2 millions de dollars et que les revenus aient baissé de 2,9 % pour atteindre 666,7 millions de dollars, l'entreprise a réalisé une augmentation de 91 points de base de la marge brute à 45,85 %. Le bénéfice net ajusté a augmenté de 37,8 % pour atteindre 67,4 millions de dollars, y compris un gain unique avant impôt de 23,4 millions de dollars provenant d'un règlement judiciaire.
Pour l'année complète 2024, les ventes globales ont augmenté de 1,3 % pour atteindre 3 005,9 millions de dollars, avec des revenus en hausse de 1,8 % à 2 498,5 millions de dollars. La catégorie des meubles a progressé de 2,3 %, et les ventes en magasins comparables ont augmenté de 1,5 %. La marge brute a été améliorée de 26 points de base pour atteindre 44,39 %. Le bénéfice net ajusté normalisé a augmenté de 5,4 % d'une année sur l'autre. L'entreprise a maintenu une solide liquidité de 513,2 millions de dollars au 31 décembre 2024.
La performance a été impactée par la réduction des stocks de meubles en raison de retards d'expédition à l'étranger et de la perte de marketing de Canada Post pendant la saison des fêtes. Malgré ces défis, LFL a surpassé l'industrie de la vente au détail de meubles en Amérique du Nord, qui a signalé des baisses de ventes.
Leon's Furniture (LFL) berichtete über gemischte Finanzergebnisse für das vierte Quartal 2024. Während die systemweiten Verkaufszahlen um 3,2% auf 806,2 Millionen Dollar sanken und der Umsatz um 2,9% auf 666,7 Millionen Dollar zurückging, erzielte das Unternehmen einen Anstieg der Bruttogewinnmarge um 91 Basispunkte auf 45,85%. Der bereinigte Nettogewinn wuchs um 37,8% auf 67,4 Millionen Dollar, einschließlich eines einmaligen steuerpflichtigen Gewinns von 23,4 Millionen Dollar aus einem rechtlichen Vergleich.
Für das Gesamtjahr 2024 stiegen die systemweiten Verkaufszahlen um 1,3% auf 3.005,9 Millionen Dollar, während der Umsatz um 1,8% auf 2.498,5 Millionen Dollar anstieg. Die Kategorie Möbel wuchs um 2,3%, und die vergleichbaren Verkaufszahlen stiegen um 1,5%. Die Bruttogewinnmarge verbesserte sich um 26 Basispunkte auf 44,39%. Der normalisierte bereinigte Nettogewinn stieg im Jahresvergleich um 5,4%. Das Unternehmen hielt zum 31. Dezember 2024 eine starke Liquidität von 513,2 Millionen Dollar aufrecht.
Die Leistung wurde durch reduzierte Möbelbestände aufgrund von Verzögerungen im internationalen Versand und den Verlust von Marketing durch Canada Post während der Feiertagssaison beeinträchtigt. Trotz dieser Herausforderungen übertraf LFL die breitere nordamerikanische Möbelhandelsbranche, die von Verkaufsrückgängen berichtete.
- Full-year revenue increased 1.8% to $2,498.5 million
- Gross profit margin improved 91 basis points to 45.85% in Q4
- Adjusted net income grew 37.8% to $67.4 million in Q4
- Strong liquidity position of $513.2 million
- Furniture category grew 2.3% despite industry challenges
- One-time gain of $23.4 million from CURO legal settlement
- Q4 system-wide sales decreased 3.2% to $806.2 million
- Q4 revenue declined 2.9% to $666.7 million
- Q4 same-store sales decreased 3.2%
- SG&A expenses increased 50 basis points in Q4
- Reduced furniture inventory due to shipping delays
- Loss of key Canada Post marketing channel during holiday season
Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Leon's Furniture Limited (TSX: LNF) ("LFL" or the "Company"), today announced financial results for the quarter ended December 31, 2024.
Financial Highlights - Q4-2024
These comparisons are with Q4-2023 unless stated otherwise.
- System-wide sales were
$806.2 million , a decrease of3.2% . Year-to-date system-wide sales increased1.3% . - Revenue was
$666.7 million , a decrease of2.9% , mainly due to reduced furniture inventory caused by industry-wide overseas shipping delays. - Same store sales decrease(1) of
3.2% . - Gross profit margin was
45.85% , a 91-basis points increase driven by rate improvements in the furniture and appliance categories, and favourable business mix. - Adjusted net income(1) totaled
$67.4 million , an increase of37.8% . - The Company recorded a one-time pre-tax net gain of
$23.4 million related to the settlement of a legal dispute with CURO Group Holdings Corp regarding its insurance business. Excluding this gain, adjusted net income rose$1.1 million or2.2% compared to the same quarter last year. - On December 31, 2024, unrestricted liquidity was
$513.2 million , comprised of cash, cash equivalents, debt and equity instruments and the undrawn revolving credit facility.
To view an enhanced version of this graphic, please visit:
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(1) For a full explanation of the Company's use of non-IFRS and supplementary financial measures, please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
Financial Highlights - Year Ended December 31, 2024.
These comparisons are with the 2023 fiscal year unless stated otherwise.
- System-wide sales were
$3,005.9 million , an increase of1.3% . - Revenue was
$2,498.5 million , an increase of1.8% . - The Company generated furniture category growth of
2.3% . - Same store sales increase(1) of
1.5% . - Gross profit margin was
44.39% , higher by 26 basis points primarily due to a favorable mix shift towards the higher-margin rate furniture category rate and a greater mix of furniture sales. - Adjusted net income(1) totaled
$150.9 million , an increase of6.6% . Excluding one-time gains from both periods, adjusted net income increased5.4% .
To view an enhanced version of this graphic, please visit:
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(1) For a full explanation of the Company's use of non-IFRS and supplementary financial measures, please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
Mike Walsh, President and CEO of LFL commented, "As I reflect on 2024, I am proud of our team's success in navigating a challenging environment. The efforts of our associates coast-to-coast enabled LFL to deliver
Summary financial highlights for the three months ended December 31, 2024 and December 31, 2023
| For the | Three months ended | |||
| (C$ in millions except %, share and per share amounts) | December 31, 2024 | December 31, 2023 | $ Increase (Decrease) | % Increase (Decrease) |
| Total system-wide sales (1) | 806.2 | 832.5 | (26.3) | ( |
| Franchise sales (1) | 139.5 | 145.6 | (6.1) | ( |
| Revenue | 666.7 | 686.9 | (20.2) | ( |
| Cost of sales | 361.0 | 378.2 | (17.2) | ( |
| Gross profit | 305.7 | 308.7 | (3.0) | ( |
| Gross profit margin as a percentage of revenue | ||||
| Selling, general and administrative expenses (2) | 235.9 | 239.6 | (3.7) | ( |
| SG&A as a percentage of revenue | ||||
| Other income (3) | (23.4) | - | (23.4) | |
| Income before net finance costs and income tax expense | 93.2 | 69.1 | 24.1 | |
| Net finance costs | (2.9) | (4.2) | 1.3 | ( |
| Income before income taxes | 90.3 | 64.9 | 25.4 | |
| Income tax expense | 22.9 | 16.0 | 6.9 | |
| Adjusted net income (1) | 67.4 | 48.9 | 18.5 | |
| Adjusted net income as a percentage of revenue (1) | ||||
| After-tax mark-to-market (gain) loss on financial derivative instruments (1) | (0.5) | 2.7 | (3.2) | ( |
| Net income | 67.9 | 46.2 | 21.7 | |
| Basic weighted average number of common shares | 68,190,953 | 68,031,796 | ||
| Basic earnings per share | ||||
| Adjusted basic earnings per share (1) | ||||
| Diluted weighted average number of common shares | 68,646,871 | 68,646,892 | ||
| Diluted earnings per share | ||||
| Adjusted diluted earnings per share (1) | ||||
| Common share dividends declared | ||||
| Convertible, non-voting shares dividends declared | ||||
Same Store Sales (1)
| For the | Three months ended | |||
| (C$ in millions, except %) | December 31, 2024 | December 31, 2023 | $ Decrease | % Decrease |
| Same store sales (1) | 652.2 | 673.6 | (21.4) | ( |
Historical Same Store Sales (1) as previously reported based on comparable quarters
To view an enhanced version of this graphic, please visit:
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(1) Please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
(2) Selling, general and administrative expenses ("SG&A")
(3) Gain on settlement - please see note 20 of the consolidated financial statements for further detail.
Revenue
For the quarter ended December 31, 2024, revenue totalled
Same Store Sales (1)
Same store sales in the quarter decreased by
Gross Profit
In the quarter ending December 31, 2024, our gross profit margin was
Selling, General and Administrative Expenses ("SG&A")
The Company's SG&A as a percentage of revenue for the fourth quarter of 2024 was
Adjusted Net Income (1) and Adjusted Diluted Earnings Per Share (1)
Adjusted net income in the current quarter totaled
Adjusted diluted earnings per share in the fourth quarter of 2024 was
Net Income and Diluted Earnings Per Share
Net income for the fourth quarter of 2024 was
(1) Please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
Summary financial highlights for the year ended December 31, 2024, 2023 and 2022
| For the | Year ended | |||||||
| (C$ in millions except %, share and per share amounts) | 2024 | 2023 | $ Increase (Decrease) | % Increase (Decrease) | 2023 | 2022 | $ Increase (Decrease) | % Increase (Decrease) |
| Total system-wide sales (1) | 3,005.9 | 2,967.5 | 38.4 | 2,967.5 | 3,053.0 | (85.5) | ( | |
| Franchise sales (1) | 507.4 | 512.7 | (5.3) | ( | 512.7 | 535.3 | (22.6) | ( |
| Revenue | 2,498.5 | 2,454.8 | 43.7 | 2,454.8 | 2,517.7 | (62.9) | ( | |
| Cost of sales | 1,389.3 | 1,371.6 | 17.7 | 1,371.6 | 1,408.2 | (36.6) | ( | |
| Gross profit | 1,109.2 | 1,083.2 | 26.0 | 1,083.2 | 1,109.4 | (26.2) | ( | |
| Gross profit margin as a percentage of revenue | ||||||||
| Selling, general and administrative expenses (2) | 917.4 | 897.7 | 19.7 | 897.7 | 854.7 | 43.0 | ||
| SG&A as a percentage of revenue | ||||||||
| Other income (3) | (23.4) | (20.0) | (3.4) | (20.0) | - | (20.0) | ||
| Income before net finance costs and income tax expense | 215.2 | 205.5 | 9.7 | 205.5 | 254.7 | (49.2) | ( | |
| Net finance costs | (14.4) | (19.5) | 5.1 | ( | (19.5) | (21.5) | (2.0) | ( |
| Income before income taxes | 200.8 | 186.0 | 14.8 | 186.0 | 233.2 | (47.2) | ( | |
| Income tax expense | 49.9 | 44.5 | 5.4 | 44.5 | 56.0 | (11.5) | ( | |
| Adjusted net income (1) | 150.9 | 141.5 | 9.4 | 141.5 | 177.2 | (35.7) | ( | |
| Adjusted net income as a percentage of revenue (1) | ||||||||
| After-tax mark-to-market (gain) loss on financial derivative instruments (1) | (2.8) | 2.6 | (5.4) | ( | 2.6 | (2.2) | 4.8 | |
| Net income | 153.7 | 138.9 | 14.8 | 138.9 | 179.4 | (40.5) | ( | |
| Basic weighted average number of common shares | 68,142,458 | 67,962,903 | 67,962,903 | 65,512,284 | ||||
| Basic earnings per share | ( | |||||||
| Adjusted basic earnings per share (1) | ( | |||||||
| Diluted weighted average number of common shares | 68,646,568 | 68,654,322 | 68,654,322 | 68,164,937 | ||||
| Diluted earnings per share | ( | |||||||
| Adjusted diluted earnings per share (1) | ( | |||||||
| Common share dividends declared | ||||||||
| Convertible, non-voting shares dividends declared | $- | |||||||
Same Store Sales (1)
| For the | Year ended | |||
| (C$ in millions, except %) | December 31, 2024 | December 31, 2023 | $ Increase | % Increase |
| Same store sales (1) | 2,437.0 | 2,400.9 | 36.1 | |
(1) Please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
(2) Selling, general and administrative expenses ("SG&A")
(3) Gain on settlement - please see note 20 of the consolidated financial statements for further detail.
Revenue
For the year ended December 31, 2024, revenue was
Same Store Sales (1)
Same store corporate sales increased by
Gross Profit
Gross profit margin increased by 26 basis points from
Selling, General and Administrative Expenses
SG&A as a percentage of revenue for the year ended December 31, 2024 increased to
Adjusted Net Income (2) and Adjusted Diluted Earnings Per Share (2)
Adjusted net income for the year ended December 31, 2024 totaled
Adjusted diluted earnings per share for the Company increased to
Net Income and Diluted Earnings Per Share
Including the mark-to-market impact of the Company's financial derivatives, net income for the year ended December 31, 2024 was
(1) Please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
Dividends
As previously announced, the Company paid a quarterly dividend of
Outlook
Given the Company's strong and continuously improving financial position, our principal objective is to increase our market share and profitability. We remain focused on our commitment to effectively manage our costs but to also continuously invest in the business to implement growth initiatives that will drive more customers to both our online eCommerce sites and our 299 store locations across Canada.
Non-IFRS Financial Measures
The Company uses financial measures that do not have standardized meaning under IFRS and may not be comparable to similar measures presented by other entities. The Company calculates the non-IFRS financial measures by adjusting certain IFRS measures for specific items the Company believes are significant, but not reflective of underlying operations in the period, as detailed below:
| Non-IFRS Measure | IFRS Measure |
| Adjusted net income | Net income |
| Adjusted income before income taxes | Income before income taxes |
| Adjusted earnings per share - basic | Earnings per share - basic |
| Adjusted earnings per share - diluted | Earnings per share - diluted |
| Adjusted EBITDA | Net income |
Adjusted Net Income
The Company calculates comparable measures by excluding the effect of changes in fair value of derivative instruments, related to the net effect of USD-denominated forward contracts. The Company uses derivative instruments to manage its financial risk in accordance with the Company's corporate treasury policy. Management believes excluding from income the effect of these mark-to-market valuations and changes thereto, until settlement, better aligns the intent and financial effect of these contracts with the underlying cash flows.
Adjusted EBITDA
Adjusted earnings before interest, income taxes, depreciation and amortization, mark-to-market adjustment due to the changes in the fair value of the Company's financial derivative instruments and any non-recurring charges to income ("Adjusted EBITDA") is a non-IFRS financial measure used by the Company. The Company considers adjusted EBITDA to be an effective measure of profitability on an operational basis and is commonly regarded as an indirect measure of operating cash flow, a significant indicator of success for many businesses. The Company's Adjusted EBITDA may not be comparable to the Adjusted EBITDA measure of other companies, but in management's view appropriately reflects the Company's specific financial condition. This measure is not intended to replace net income, which, as determined in accordance with IFRS, is an indicator of operating performance.
The following is a reconciliation of reported net income to adjusted EBITDA:
| For the | Three months ended | Year ended | ||
| (C$ in millions) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 |
| Net income | 67.9 | 46.2 | 153.7 | 138.9 |
| Income tax expense | 23.2 | 15.1 | 50.9 | 43.6 |
| Net finance costs | 2.9 | 4.2 | 14.4 | 19.5 |
| Depreciation and amortization | 26.6 | 27.0 | 106.6 | 107.8 |
| Gain on settlement of warrant | (23.4) | - | (23.4) | (20.0) |
| Mark-to-market gain (loss) on financial derivative instruments | (0.7) | 3.6 | (3.8) | 3.5 |
| Adjusted EBITDA | 96.5 | 96.1 | 298.4 | 293.3 |
Total System Wide Sales
Total system wide sales refer to the aggregation of revenue recognized in the Company's consolidated financial statements plus the franchise sales occurring at franchise stores to their customers which are not included in the revenue figure presented in the Company's consolidated financial statements. Total system wide sales is not a measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS, but it is a key indicator used by the Company to measure performance against prior period results. Therefore, total system wide sales as discussed in this MD&A may not be comparable to similar measures presented by other issuers. We believe that disclosing this measure is meaningful to investors because it serves as an indicator of the strength of the Company's overall store network, which ultimately impacts financial performance.
Franchise Sales
Franchise sales figures refer to sales occurring at franchise stores to their customers which are not included in the revenue figures presented in the Company's consolidated financial statements, or in the same store sales figures in this MD&A. Franchise sales is not a measure recognized by IFRS, and does not have a standardized meaning prescribed by IFRS, but it is a key indicator used by the Company to measure performance against prior period results. Therefore, franchise sales as discussed in this MD&A may not be comparable to similar measures presented by other issuers. Once again, we believe that disclosing this measure is meaningful to investors because it serves as an indicator of the strength of the Company's brands, which ultimately impacts financial performance.
Supplementary Financial Measures
The Company uses supplementary financial measures to disclose financial measures that are not (a) presented in the financial statements and (b) is, or is intended to be, disclosed periodically to depict the historical or expected future financial performance, financial position or cash flow, that is not a non-IFRS financial measure as detailed above.
Same Store Sales
Same store sales are defined as sales generated by stores, both in store and through online transactions, that have been open for more than 12 months on a fiscal basis. Same store sales as discussed in this MD&A may not be comparable to similar measures presented by other issuers, however this measure is commonly used in the retail industry. We believe that disclosing this measure is meaningful to investors because it enables them to better understand the level of growth of our business.
About Leon's Furniture Limited
Leon's Furniture Limited is the largest retailer of furniture, appliances and electronics in Canada. Our retail banners include: Leon's; The Brick; Brick Outlet; and The Brick Mattress Store. Finally, with The Brick's Midnorthern Appliance banner alongside with Leon's Appliance Canada banner, this makes the Company the country's largest commercial retailer of appliances to builders, developers, hotels and property management companies. The Company has 299 retail stores from coast to coast in Canada under various banners. The Company operates six websites: leons.ca, thebrick.com, furniture.ca, midnothern.com, transglobalservice.com and appliancecanada.com.
Cautionary Statement
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Leon's Furniture Limited's periodic reports including the annual report or in the filings made by Leon's Furniture Limited from time to time with securities regulatory authorities.
This News Release may include certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify beneficial business opportunities, failure to convert the potential in the pursued business opportunities to tangible benefits to the Company or its shareholders, the ability of the Company to counteract the potential impact of pandemics on factors relevant to the Company's business, delays in obtaining or failures to obtain required shareholder and TSX approvals, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
For further information, please contact:
Victor Diab
Chief Financial Officer
Leon's Furniture Limited
Tel: (416) 243-4073
lflgroup.ca
Jonathan Ross
LodeRock Advisors, Leon's Investor Relations
jon.ross@loderockadvisors.com
Tel: (416) 283-0178
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242297
FAQ
What was LFL's revenue growth in Q4 2024 compared to Q4 2023?
How much did Leon's Furniture's same-store sales grow in full-year 2024?
What was the impact of the CURO legal settlement on LFL's Q4 2024 earnings?
How much did Leon's Furniture's furniture category sales grow in 2024?
What is LFL's current liquidity position as of December 31, 2024?
