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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.
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System-wide sales were $806.2 million, a decrease of 3.2%. Year-to-date system-wide sales increased 1.3%.
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Revenue was $666.7 million, a decrease of 2.9%, mainly due to reduced furniture inventory caused by industry-wide overseas shipping delays.
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Same store sales decrease(1) of 3.2%.
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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.
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Adjusted net income(1) totaled $67.4 million, an increase of 37.8%.
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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 or 2.2% compared to the same quarter last year.
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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.
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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.
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System-wide sales were $3,005.9 million, an increase of 1.3%.
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Revenue was $2,498.5 million, an increase of 1.8%.
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The Company generated furniture category growth of 2.3%.
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Same store sales increase(1) of 1.5%.
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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.
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Adjusted net income(1) totaled $150.9 million, an increase of 6.6%. Excluding one-time gains from both periods, adjusted net income increased 5.4%.
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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 1.8% revenue growth while the broader North American furniture retail industry reported sales declines. Despite industry-wide freight delays affecting inventory during the second-half of the year, and the loss of the key Canada Post marketing channel during the important holiday season, targeted pricing and promotional optimization enabled us to maintain order patterns and expand gross margins by 26 basis points. The combination of these initiatives and the strength and adaptability of our business model enabled us to contain expenses despite persistent operating cost pressures and resulted in 5.4% growth in adjusted diluted normalized EPS for the year. Most importantly, we ended 2024 with a rock-solid balance sheet with $513.2 million in unrestricted liquidity. Looking forward, with our inventory levels normalizing, and marketing channels restored, we are well positioned to continue building upon our 115+ year legacy of market share gains and profitability, leveraging our scale and omnichannel presence to deliver value to all Canadians. While less than 15% of our purchases come from the United States, we are watching the tariff situation and will adjust accordingly."
Summary financial highlights for the three months ended December 31, 2024 and December 31, 2023
| For the | Three months ended | |||
| (C$ in millions except %, share and per share amounts) | December 31, 2024 | December 31, 2023 | $ Increase (Decrease) | % Increase (Decrease) |
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| Total system-wide sales (1) | 806.2 | 832.5 | (26.3) | (3.2%) |
| Franchise sales (1) | 139.5 | 145.6 | (6.1) | (4.2%) |
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| Revenue | 666.7 | 686.9 | (20.2) | (2.9%) |
| Cost of sales | 361.0 | 378.2 | (17.2) | (4.5%) |
| Gross profit | 305.7 | 308.7 | (3.0) | (1.0%) |
| Gross profit margin as a percentage of revenue | 45.85% | 44.94% | ||
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| Selling, general and administrative expenses (2) | 235.9 | 239.6 | (3.7) | (1.5%) |
| SG&A as a percentage of revenue | 35.38% | 34.88% | ||
| Other income (3) | (23.4) | - | (23.4) | 100.0% |
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| Income before net finance costs and income tax expense | 93.2 | 69.1 | 24.1 | 34.9% |
| Net finance costs | (2.9) | (4.2) | 1.3 | (31.0%) |
| Income before income taxes | 90.3 | 64.9 | 25.4 | 39.1% |
| Income tax expense | 22.9 | 16.0 | 6.9 | 43.1% |
| Adjusted net income (1) | 67.4 | 48.9 | 18.5 | 37.8% |
| Adjusted net income as a percentage of revenue (1) | 10.11% | 7.12% | ||
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| After-tax mark-to-market (gain) loss on financial derivative instruments (1) | (0.5) | 2.7 | (3.2) | (118.5%) |
| Net income | 67.9 | 46.2 | 21.7 | 47.0% |
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| Basic weighted average number of common shares | 68,190,953 | 68,031,796 | ||
| Basic earnings per share | $0.99 | $0.68 | $0.31 | 45.6% |
| Adjusted basic earnings per share (1) | $0.99 | $0.72 | $0.27 | 37.5% |
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| Diluted weighted average number of common shares | 68,646,871 | 68,646,892 | ||
| Diluted earnings per share | $0.99 | $0.68 | $0.31 | 45.6% |
| Adjusted diluted earnings per share (1) | $0.98 | $0.72 | $0.26 | 36.1% |
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| Common share dividends declared | $0.20 | $0.18 | $0.02 | 11.1% |
| Convertible, non-voting shares dividends declared | $0.36 | $0.32 | $0.04 | 12.5% |
Same Store Sales (1)
| For the | Three months ended | |||
| (C$ in millions, except %) | December 31, 2024 | December 31, 2023 | $ Decrease | % Decrease |
| Same store sales (1) | 652.2 | 673.6 | (21.4) | (3.2%) |
Historical Same Store Sales (1) as previously reported based on comparable quarters
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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 $666.7 million compared to $686.9 million in the fourth quarter of 2023, a decrease of $20.2 million or 2.9%. The decline was primarily driven by lower furniture inventory due to ongoing offshore shipping delays, reduced electronics sales related to weaker consumer discretionary spending, and the Canada Post strike's impact on promotional flyer distribution before Black Friday and Boxing Day. These declines were partially offset by growth in our commercial sales channel.
Same Store Sales (1)
Same store sales in the quarter decreased by 3.2% compared to the fourth quarter of 2023, driven by factors discussed in the revenue section.
Gross Profit
In the quarter ending December 31, 2024, our gross profit margin was 45.85%, an increase of 91 basis points compared to the fourth quarter of 2023. This was driven by pricing and promotional optimizations in furniture and appliances, partially offset by a decline in electronics margins.
Selling, General and Administrative Expenses ("SG&A")
The Company's SG&A as a percentage of revenue for the fourth quarter of 2024 was 35.38% compared to 34.88% for the fourth quarter 2023, an increase of 50 basis points. The Company's SG&A as a percentage of revenue for the current quarter increased primarily due to lower year-over-year sales and the resulting deleveraging on fixed costs, timing of variable compensation expenses, stewardship recycling fees, and higher professional fees. These increases were partially offset by lower point-of-sale retail financing charges as interest rates decreased.
Adjusted Net Income (1) and Adjusted Diluted Earnings Per Share (1)
Adjusted net income in the current quarter totaled $67.4 million, which represents an increase of $18.5 million over the prior year quarter. The improvement was driven by a one-time $23.4 million pre-tax net favorable settlement related to a breach of contract legal dispute with CURO Group Holdings Corp ("CURO"). The Company had an agreement with CURO to underwrite insurance for their credit products commencing in 2024. After undergoing voluntary bankruptcy proceedings to restructure their business, CURO elected to not proceed with the agreement which ultimately resulted in a legal settlement in favor of the Company to recover the future profit potential of the agreement. Normalizing for this one-time gain, adjusted net income increased $1.1 million or 2.2% over the prior year quarter.
Adjusted diluted earnings per share in the fourth quarter of 2024 was $0.98, an increase of 36.1% over the prior year quarter. Normalizing for this one-time gain, adjusted diluted earnings per share increased $0.02 or 2.2% over the prior year quarter.
Net Income and Diluted Earnings Per Share
Net income for the fourth quarter of 2024 was $67.9 million, or $0.99 per diluted earnings per share compared to net income of $46.2 million in the prior year quarter, or $0.68 per diluted earnings per share.
(1) Please refer to the sections of this press release with the headings "Non-IFRS Financial Measures" and "Supplementary Financial Measures".
Summary financial highlights for the year ended December 31, 2024, 2023 and 2022
| For the | Year ended | |||||||
| (C$ in millions except %, share and per share amounts) | 2024 | 2023 | $ Increase (Decrease) | % Increase (Decrease) | 2023 | 2022 | $ Increase (Decrease) | % Increase (Decrease) |
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| Total system-wide sales (1) | 3,005.9 | 2,967.5 | 38.4 | 1.3% | 2,967.5 | 3,053.0 | (85.5) | (2.8%) |
| Franchise sales (1) | 507.4 | 512.7 | (5.3) | (1.0%) | 512.7 | 535.3 | (22.6) | (4.2%) |
| Revenue | 2,498.5 | 2,454.8 | 43.7 | 1.8% | 2,454.8 | 2,517.7 | (62.9) | (2.5%) |
| Cost of sales | 1,389.3 | 1,371.6 | 17.7 | 1.3% | 1,371.6 | 1,408.2 | (36.6) | (2.6%) |
| Gross profit | 1,109.2 | 1,083.2 | 26.0 | 2.4% | 1,083.2 | 1,109.4 | (26.2) | (2.4%) |
| Gross profit margin as a percentage of revenue | 44.39% | 44.13% | 44.13% | 44.06% | ||||
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| Selling, general and administrative expenses (2) | 917.4 | 897.7 | 19.7 | 2.2% | 897.7 | 854.7 | 43.0 | 5.0% |
| SG&A as a percentage of revenue | 36.72% | 36.57% | 36.57% | 33.95% | ||||
| Other income (3) | (23.4) | (20.0) | (3.4) | 17.0% | (20.0) | - | (20.0) | 100.0% |
| Income before net finance costs and income tax expense | 215.2 | 205.5 | 9.7 | 4.7% | 205.5 | 254.7 | (49.2) | (19.3%) |
| Net finance costs | (14.4) | (19.5) | 5.1 | (26.2%) | (19.5) | (21.5) | (2.0) | (9.3%) |
| Income before income taxes | 200.8 | 186.0 | 14.8 | 8.0% | 186.0 | 233.2 | (47.2) | (20.2%) |
| Income tax expense | 49.9 | 44.5 | 5.4 | 12.1% | 44.5 | 56.0 | (11.5) | (20.5%) |
| Adjusted net income (1) | 150.9 | 141.5 | 9.4 | 6.6% | 141.5 | 177.2 | (35.7) | (20.2%) |
| Adjusted net income as a percentage of revenue (1) | 6.04% | 5.76% | 5.76% | 7.04% | ||||
| After-tax mark-to-market (gain) loss on financial derivative instruments (1) | (2.8) | 2.6 | (5.4) | (207.7%) | 2.6 | (2.2) | 4.8 | 218.2% |
| Net income | 153.7 | 138.9 | 14.8 | 10.7% | 138.9 | 179.4 | (40.5) | (22.6%) |
| Basic weighted average number of common shares | 68,142,458 | 67,962,903 | 67,962,903 | 65,512,284 | ||||
| Basic earnings per share | $2.26 | $2.04 | $0.22 | 10.8% | $2.04 | $2.66 | $(0.62) | (23.3%) |
| Adjusted basic earnings per share (1) | $2.21 | $2.08 | $0.13 | 6.3% | $2.08 | $2.62 | $(0.54) | (20.6%) |
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| Diluted weighted average number of common shares | 68,646,568 | 68,654,322 | 68,654,322 | 68,164,937 | ||||
| Diluted earnings per share | $2.24 | $2.02 | $0.22 | 10.9% | $2.02 | $2.64 | $(0.62) | (23.5%) |
| Adjusted diluted earnings per share (1) | $2.20 | $2.06 | $0.14 | 6.8% | $2.06 | $2.60 | $(0.54) | (20.8%) |
| Common share dividends declared | $0.76 | $0.66 | $0.10 | 15.2% | $0.66 | $0.64 | $0.02 | 3.1% |
| Convertible, non-voting shares dividends declared | $0.36 | $0.32 | $0.04 | 12.5% | $0.32 | $0.32 | $- | 0.0% |
Same Store Sales (1)
| For the | Year ended | |||
| (C$ in millions, except %) | December 31, 2024 | December 31, 2023 | $ Increase | % Increase |
| Same store sales (1) | 2,437.0 | 2,400.9 | 36.1 | 1.5% |
(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 $2,498.5 million compared to $2,454.8 million in the prior year, an increase of $43.7 million or 1.8%. The increase in revenue was driven by strong furniture and appliance sales, partially offset by lower electronics sales. The furniture category grew 2.3% due to strength in the first half of the year partially offset by industry-wide overseas shipping challenges that reduced furniture inventory levels during the second half of the year.
Same Store Sales (1)
Same store corporate sales increased by 1.5% or $36.1 million compared to the year ended December 31, 2023 driven by the factors discussed in the revenue section above.
Gross Profit
Gross profit margin increased by 26 basis points from 44.13% for the year ended December 31, 2023 to 44.39% in the year ended December 31, 2024. The gross margin percentage increase was driven by higher furniture margin rates and a greater mix of furniture sales.
Selling, General and Administrative Expenses
SG&A as a percentage of revenue for the year ended December 31, 2024 increased to 36.72%, 15 basis points higher than the 36.57% in the prior year. SG&A as a percentage of revenue increased primarily due to minimum wage increases, stewardship recycling fees, professional fees, and other inflationary pressures.
Adjusted Net Income (2) and Adjusted Diluted Earnings Per Share (2)
Adjusted net income for the year ended December 31, 2024 totaled $150.9 million, an increase of $9.4 million or 6.6% over the prior year. The improvement was driven by a one-time $23.4 million pre-tax net favorable settlement related to a breach of contract legal dispute with CURO. The Company had an agreement with CURO to underwrite insurance for their credit products commencing in 2024. After undergoing voluntary bankruptcy proceedings to restructure their business, CURO elected to not proceed with the agreement which ultimately resulted in a legal settlement in favor of the Company to recover the future profit potential of the agreement. During 2023, point of sale financing partner FLX Holding Corp (“Flexiti”) was acquired by Questrade Financial Group Inc. from CURO. Leon’s Furniture Limited entered into an amended agreement with Flexiti, and the Company received a $20 million one-time pre-tax payment to settle the value of warrant rights negotiated as part of the original agreement with CURO. Normalizing for the one-time gains in both years, adjusted net income increased $6.8 million or 5.4% over the prior year driven by sales and gross margin rate increase.
Adjusted diluted earnings per share for the Company increased to $2.20 compared to $2.06 in the year ended December 31, 2023, an increase of $0.14 per share. Normalizing for the one-time gain in both years, adjusted diluted earnings per share increased $0.10 or 5.4% over the prior year.
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 $153.7 million, or $2.24 in diluted earnings per share (net income of $138.9 million, $2.02 in diluted earnings per share in 2023).
(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 $0.20 per common share on the 6th day of January 2025. Today the Directors have declared a quarterly dividend of $0.20 per common share payable on the 7th day of April 2025 to shareholders of record at the close of business on the 10th day of March 2025. As of 2007, dividends paid by Leon's Furniture Limited are "eligible dividends" pursuant to the changes to the Income Tax Act under Bill C-28, Canada.
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
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