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Leon's Furniture profit misses consensus by 38.8% in Q1

Leon's Furniture Ltd. said its first-quarter normalized net income was C$3.5 million, a gain from C$807,500 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.8% from 0.2% in the year-earlier period.

Total revenue totaled C$423.0 million, compared with C$426.0 million in the prior-year period, and total operating expenses decreased year over year to C$413.0 million from C$419.5 million.

Reported net income rose on an annual basis to C$4.8 million, or 6 cents per share, from C$2.0 million, or 2 cents per share.