TORONTO — Sleep Country Canada Holdings Inc. says its net income for the third quarter went down by almost 21 per cent to $28.9 million, from $36.5 million during the same quarter a year earlier.
The Toronto-based company attributed the drop to a decline in consumer spending as the quarter progressed, fueled by rising interest rates and concern of a possible recession.
Sleep Country says it earned 79 cents per diluted share in the third quarter, down from 98 cents a year earlier.
Revenues went down 8.3 per cent to $251 million down from $273.8 million last year, while same-store sales were down by more than 11 per cent.
Sleep Country opened one new store during the quarter, bringing its total count to 287.
President and CEO Stewart Schaefer says he’s proud of the company’s sustained growth in market share over the past two years, and says the company remains bullish on its growth plans.
This report by The Canadian Press was first published Nov. 4, 2021.
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