Sleep Country sees earnings decline in Q1, sales largely unchanged

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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.

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The Canadian Press