May 12, 2010 / 4:50 PM / 7 years ago

UPDATE 1-Leon's Furniture Q1 rises on higher consumer confidence

* Q1 EPS C$0.16 vs C$0.12 last year

* Q1 rev up 4 percent

May 12 (Reuters) - Canadian retailer Leon’s Furniture Ltd (LNF.TO) reported a 40 percent rise in first-quarter profit, partly helped by a strong Canadian dollar, cost cuts and improving consumer confidence, but said the rest of the year would be challenging.

The company also said it would increase the pace of expansion over the next five years and expects to open five stores annually.

Net income for the quarter was C$12.0 million, or 16 Canadian cents a share, compared with C$8.6 million, or 12 Canadian cents a share, a year ago.

Sales rose 4 percent to C$158.8 million excluding franchise sales of C$42.3 million, helped by a general improvement in the economy.

Shares of the company were trading up 90 Canadian cents, or 8 percent at C$12.40 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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