Leon's Furniture Ltd. (LNF.TO) reported that its first-quarter net income attributable to the company declined to C$8.60 million or C$0.12 per share from C$10.29 million or C$0.14 per share in the year ago quarter. The profit decrease in the quarter compared to the prior quarter was mainly due to higher marketing expenses and opening costs related to four new stores that were opened in the latter part of 2011.
Total Leon's system-wide sales for the quarter were C$200.65 million, up from C$191.59 million in the year ago quarter. Same store sales were down 0.7% from the prior year first quarter.
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