Sleep Country earns $22.5 million in fourth quarter amid ‘industry challenges’
TORONTO – Sleep Country Canada Holdings Inc. says it earned $22.5 million in the fourth quarter of 2023, down from $40.5 million a year earlier.
The Toronto-based company says revenues were $255.6 million, up from $253.0 million during the fourth quarter of 2022.
Diluted earnings per share were 65 cents, down from $1.13 a year earlier.
President and CEO Stewart Schaefer said the company delivered strong results despite ongoing “industry challenges” across North America.
The company says its higher revenues during the quarter were mainly due to new stores and acquisitions, but were partially offset by a decrease in same-store sales.
Earnings for the full year were $71.2 million, down 36 per cent from $110.5 million in 2022.
This report by The Canadian Press was first published March 6, 2024.
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