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. says its earnings for the first quarter were $11.3 million, down 38.5 per cent from $18.4 million a year earlier.
The Toronto-based company says revenues were $206.5 million, largely unchanged from $207.0 million the same quarter a year earlier.
Diluted earnings per share for the quarter ended March 31 were 32 cents, down from 49 cents a year earlier.
Sleep Country says same-store sales decreased by 6.2 per cent, but that was partially offset by incremental revenue stemming from a Jan. 1 acquisition of e-commerce retailer Silk & Snow Inc.
President and CEO Stewart Schaefer said it was a solid quarter despite tightening consumer spending and macro-economic uncertainty, especially as compared with the first quarter last year, which was the best first quarter in Sleep Country’s history.
Schaefer said in a press release that the company saw strong in-person sales while e-commerce sales softened.
This report by The Canadian Press was first published May 8, 2023.
Companies in this story: (TSX:ZZZ)
