Leon’s announces record financial results for third quarter
Leon’s Furniture Limited recently announced record financial results for the third quarter of 2021.
Mike Walsh, President and CEO of LFL, commented, “During Q3, our team continued to harness the power of LFL’s national omnichannel retail and distribution platform to generate the best top-line results in the company’s history, as well as record profitability. We are unwavering in our commitment to ensuring that customers can access a wide selection of products and services where, when, and how they want to shop, and even more importantly, enabling them to take delivery of those products as quickly and efficiently as possible during these unprecedented times. This commitment, along with effective marketing strategies, translated into 8.3% revenue growth in the quarter and steady gross margins compared to the same period last year. Our team also maintained its focus on cost containment and efficiency, which drove 26.2% growth in adjusted diluted earnings per share.”
- Total system-wide sales increased 8.2% to a record $825.5 million in Q3-2021 compared to $762.8 million in Q3-2020.
- Achieved record-high revenue of $683.2 million in Q3-2021 compared to $630.8 million in Q3-2020, an increase of 8.3%.
- Same-store sales increased 9.7% in Q3-2021 compared to Q3-2020.
- E-commerce sales grew 48% as compared to the prior-year quarter, which is on top of the 235% growth in
- E-commerce sales that occurred in the prior year’s quarter as compared to the third quarter of 2019.
- Achieved record net income results in a quarter of $63.8 million, an increase of 30% in comparison to Q3-2020.
- Adjusted EBITDA of $113.5 million in Q3-2021 compared to $96.0 million in Q3-2020, an increase of 18.2%.
- Adjusted diluted earnings per share grew by 26.2% to $0.77 in Q3-2021 from $0.61 in Q3-2020.
Walsh continued: “This was my first full quarter as the company’s CEO, and I see plenty of opportunities to continue building on our solid Q3 results, leveraging an exceptional combination of retail, e-commerce, wholesale, service and distribution assets, and a rock-solid balance sheet. Our team has a proven track record of delivering financial performance even in challenging environments and now has more tools at its disposal. One of those tools is the company’s e-commerce platform, which continues to demonstrate its growth potential and scalability, with 48% growth in Q3 on top of 235% growth in the same period last year. Furthermore, in an environment of widespread supply chain disruptions, LFL is uniquely positioned to continue gaining market share in key product categories, backed by a network of warehouses and efficient distribution centers across the country, and one of the nation’s largest last-mile delivery services. We have one of the most dedicated teams I have ever had the pleasure of working with, and I look forward to continuing to work together to delight our customers while delivering profitable growth for shareholders.”