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Sleep Country Canada earns $12.7 million in second quarter as revenues decline

Sleep Country Canada earns $12.7 million in second quarter as revenues decline | iNFOnews.ca
Pedestrians walk past a Sleep Country Canada store on Yonge Street in Toronto on Tuesday, October 19, 2021. THE CANADIAN PRESS/Evan Buhler

TORONTO – Sleep Country Canada Holdings Inc. reported net income of $12.7 million in the second quarter, down from $22.7 million last year.

The Toronto-based company says revenues for the quarter were $217.2 million, down 4.6 per cent from $227.6 million during the same quarter last year.

Diluted earnings per share were 36 cents, down from 61 cents.

President and CEO Stewart Schaefer says the company continued to see softness following a slowdown of consumer spending on large discretionary goods that began in the second half of last year.

The company says same-store sales were down 10.9 per cent from the same quarter last year.

The second quarter saw Sleep Country acquire the Canadian operations of Casper Sleep Inc. for US$20.6 million.

This report by The Canadian Press was first published Aug. 10, 2023.

Companies in this story: (TSX:ZZZ)

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