Leonís Furniture Ltd. and Furniture.com Announce Agreement; Canadaís Most Successful Home Furnishings Retailer Turns to Industryís Foremost Online Presence for Web Sales, Advanced Technology
WALTHAM, Mass.--April 14, 2005--Furniture.com today announced that it has signed an agreement to provide Leonís Furniture Limited (Ticker: LNF.TSX) - one of Canadaís leading retailers of high quality brand name home furniture, appliances and electronics - with exclusive Canadian rights to Furniture.comís industry-leading web address and online sales and customer service technology platform.
ďWe look forward to our mission: To help drive Leonís sales, streamline Leonís customer service, and expand Leonís operations,Ē stated Carl Prindle, President and CEO, Furniture.com (http://www.furniture.com). ďBy utilizing our industry-leading address and technology platform, we will attract new online consumers and drive incremental sales for Leonís - as well as enhancing their already highly-respected operations and array of customer services.Ē
ďOur agreement will bring Canadaís consumers the ultimate on-line home furnishings shopping experience,Ē said Terrence Leon, President and COO of Leonís Furniture, ďcombining Leonís rich tradition of offering high quality merchandise and superior customer service with the unprecedented convenience and ease of online shopping and service provided by Furniture.com.Ē
Leonís Furniture, with over C$650 million (Canadian dollars) in sales from more than 55 locations, and a consistent record of sales and profit growth, is a leading adopter of technology systems. Through the Furniture.com partnership, Leonís quickly gains access to new customers through the Furniture.com address and website; added in-store traffic from website shoppers seeking real-life touch tests in local showrooms; incremental revenue generated through sales on Furniture.comís website; web-based technology and system improvements to enhance merchandising and customer service operations for both in-store and online customers; and access to unique non-personally identifiable marketing data generated by Furniture.com shoppers.
The agreement takes Furniture.com international, introduces the leading online home furnishings e-tailer into two additional retail categories - Appliances and Electronics - and brings more than 32 million Canadian consumers into Furniture.comís reach for fast, local delivery.
Furniture.com is expected to introduce a high percentage of Leonís inventory to Canadian online shoppers at http://www.furniture.com, during the second half of 2005. In addition, Furniture.com will work with Leonís to launch a separate e-commerce website at the Canadian retailerís current website address.
In the U.S., Furniture.comís furniture retail partners include the Levitz, Seamanís, and Harlem Furniture chains. Currently, consumers view some 4 million items per day and add $15 million in merchandise to their online shopping carts each week at Furniture.com, Prindle said.
Furniture.com (http://www.furniture.com) offers consumers the best of Internet shopping by merging the convenience, accessibility and ease of online shopping with the proven infrastructure of North Americaís largest retail furniture chains. At Furniture.com, consumers quickly browse, compare and buy brand-name furniture and accessories, find decorating advice and product information, and utilize interactive design tools. To complete the experience, Levitz, Seamanís, and Harlem Furniture in the U.S., and Leonís Furniture in Canada, provide customer service and fast, in-home delivery. Furniture.com, a privately-held company, backed by a private equity firm with over $1.0 billion in committed capital, is a member of BBBOnline, TRUSTe, and VeriSign.
About Leonís Furniture Limited
Since 1909, Leonís Furniture Limited, a public company (trading on the TSX), has provided Canadian households with high quality home furnishings, brand name appliances and electronics while at the same time offering industry leading customer service and value. For the recently completed year ending December 31, 2004, sales including sales by franchises totaled just under $670,000,000.00. Net income for the year increased 25% to $2.49 per common share. Both sales and income were new highs for the Company.
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