12:59 PM EDT, 05/08/2024 (MT Newswires) -- Leon's Furniture (LNF.TO) on Wednesday said its first-quarter profit rose 27%, boosted by higher revenue and same-store sales.

The furniture retailer said adjusted profit was C$16.4 million, or $0.24 per share, in the period, up from $12.9 million, or $0.19, in the year-prior quarter. The result topped the consensus analyst estimate for the measure of a C$0.22 per share adjusted profit, according to Capital IQ.

Revenue rose 9.6% to $562.3 million, from $513 million. while same store sales rose 9% over the same period, to $545 million.

"Our success at retail during the quarter was a direct result of the strategic decisions we made over a year ago to position the company for a value-focused environment. This further validates our consistent strategy to concentrate on driving higher returns on our existing assets, through four-wall execution, omnichannel, and ancillary businesses, while only growing square footage where it truly makes sense to do so," chief executive Mike Walsh said in a release.

Leon's declared a quarterly dividend of $0.18 per share, payable on July 8 to shareholders of record on June 10.

The company's shares were last seen down C$0.01 to C$22.20 on the Toronto Stock Exchange.

Price: 22.20, Change: -0.01, Percent Change: -0.05