Record Financial Result of $3.1 B in Total System Wide Sales TORONTO, Feb. 23, 2022 /CNW/ - Leon's Furniture Limited ("LFL" or the "Company") (TSX: LNF), today announced record financial results for the year ended December 31, 2021.
Financial Highlights – year ended December 31, 2021
On a year to date basis as compared to prior year:
- Total system wide sales increased 13.2% to a record $3.1 billion.
- Achieved record revenue of $2.5 billion, an increase of $292.5 million or 13.2%.
- Same store sales(1) increased by 13.6%.
- Adjusted EBITDA(1) increased by 16.5% to $401.2 million
- Net income increased by 26.9% to $207.2 million.
- Adjusted diluted earnings per share(1) grew by 27.5% to $2.60 from $2.04 in the prior year.
- Opened 4 new stores in the year, 2 new corporate stores and 2 franchise stores comprised of 1 Leon's banner store and 3 Brick banner store locations.
- The Company generated approximately $300 million in free cash flow(1).
- The Company returned $210.6 million to its shareholders in the form of dividends declared and common share repurchases as compared to $118.1 million in the prior year.
- Available and unrestricted liquidity is approximately $613.6 million which is made up of the Company's $486.6 million in cash and investments and $127 million in undrawn credit facilities as at December 31, 2021.