TORONTO - Sleep Country Canada Holdings Inc. says its net income surged in the first quarter as sales grew even though its stores were closed for more days than a year ago.
The Toronto-based retailer says it earned $8.7 million or 24 cents per share for the period ended March 31, up from $5 million or 14 cents per share a year earlier.
Adjusted profits increased 57.5 per cent to $9.6 million or 26 cents per diluted share, compared with $6.1 million or 17 cents per share in the first quarter of 2020.
Revenues were $183 million, up 20.7 per cent from $151.6 million, as same-store sales increased almost 20 per cent.
Stores were closed for 33 per cent of operating days due to government-mandated closures, up from 10.2 per cent in the same quarter of 2020.
Sleep Country, Dormez-vous and Endy posted its fourth consecutive quarter of triple-digit e-commerce sale growth as online sales represented 29 per cent of total sales.
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