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Mattress retailer Sleep Country $8.7M Q1 profit, down from $11.3M a year earlier

Written by on May 8, 2024

TORONTO — Sleep Country Canada Holdings Inc. reported its first-quarter profit fell compared with a year ago as its revenue edged higher.

Sleep Country chief executive Stewart Schaefer says shopping patterns remained volatile as consumers continued to navigate uncertain times. 

The mattress retailer says it earned $8.7 million or 26 cents per diluted share for the quarter ended March 31 compared with a profit of $11.3 million or 32 cents per diluted share a year earlier.

Revenue totalled $209.7 million, up from $206.5 million in the first quarter of 2023.

Sleep Country says same-store sales in the quarter were down 1.6 per cent compared with the same quarter last year.

On an adjusted basis, the company says it earned 28 cents per diluted share in its latest quarter, down from an adjusted profit of 37 cents per diluted share a year earlier.

This report by The Canadian Press was first published May 8, 2024.

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The Canadian Press