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Anthony Leon is vacating the chair at the head of the Leon's Furniture Ltd.'s board table as a younger generation of Leons takes full executive charge of the family controlled company.

The announcement came yesterday as Leon's, which since its founding in Welland, Ont., in 1909, has grown to more than 50 corporate and franchised stores, reported 2004 earnings of $46.1-million on sales of $504.6-million.

Effective May 12, Anthony Leon, 80, becomes chairman emeritus, remaining a member of the board where he has been a director since the company went public in 1969.

Mark Leon, 53, moves from vice-chairman and chief executive officer to chairman. Terry Leon, 54, currently president, retains that title and adds the CEO responsibilities.

"I don't want to say that there won't be any changes but I don't want to say that there's anything immediate on the horizon, either," said Terry Leon, part of the third generation to run the company.

"We've had good steady leadership in the past, and we'll try to provide the same thing as we go into the future. Every business needs to deal with new challenges and opportunities, and we'll do the same."

The company said its 2004 sales were up 10.7 per cent from $455.7-million in 2003. The $46.1-million profit was worth $2.49 a share, up from $38.4-million or $1.99.

Sales at outlets open a year or more rose 7.5 per cent over the prior year.

Total Leon's sales, including $165.3-million of sales by franchises, were $669.8-million, up from $589.1-million.

Fourth-quarter sales were $153.1-million, up 11.8 per cent from $136.9-million in the year-ago period. Profit of $17.1-million or 93 cents a share compared with $16.1-million or 85 cents.

The company's best-ever results for the quarter and the year were attributed to "a more aggressive approach to merchandising and advertising coupled with a conservative approach to controlling expenses." CP

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