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Nov 10, 2023

Mattress retailer Sleep Country reports Q3 profit down from year ago

Sleep Country Canada

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Sleep Country Canada Holdings Inc. reported its third-quarter profit fell compared with a year ago as it saw pockets of softness in consumer demand, particularly on larger ticket items.

Sleep Country chief executive Stewart Schaefer says the company was pleased with the performance amid an evolving environment, as high interest rates and inflation continue to affect consumer confidence. 

The mattress retailer says its net income attributable to the company amounted to $24.7 million for the quarter, down from $28.9 million in the same quarter last year.

The profit amounted to 70 cents per diluted share for the quarter, down from 79 cents per diluted share a year earlier.

Revenues rose to $255.7 million compared with $251.0 million a year earlier, but same-store sales fell 5.5 per cent.

On an adjusted basis, Sleep Country says it earned 76 cents per diluted share in its latest quarter, down from an adjusted profit of 89 cents per diluted share a year earlier.

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