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Leon’s Furniture reports Q1 profit up from year ago, CEO to retire July 1

TORONTO - Leon’s Furniture Ltd. reported a first-quarter profit of $40.9 million, up from a profit of $13.7 million a year ago, as its revenue climbed higher.

The furniture retailer also announced that Edward Leon will retire as chief executive effective July 1, but will continue as a director of the company.

Mike Walsh, Leon’s president and chief operating officer, was named the next chief executive.

The change in the executive suite came as Leon’s reported a first-quarter profit of 51 cents per diluted share, up from 17 cents per diluted share a year ago.

Revenue for the quarter ended March 31 totalled $571.1 million, up from $497.6 million, as same-store sales rose 13.6 per cent.

On an adjusted basis, Leon’s says it earned 51 cents per share for the quarter, up from an adjusted profit of 16 cents per diluted share a year ago.
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