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Sleep Country earnings rise as direct-to-consumer brands help buffer softer spending
TORONTO — Sleep Country Canada Holdings Inc. says it earned $15.8 million in its second quarter, up from $12.7 million a year earlier.
The Toronto-based company says its revenues for the quarter were $232.5 million, up from $217.2 million during the second quarter of 2023.
Diluted earnings per share were 46 cents, up from 36 cents last year.
Sleep Country president and CEO Stewart Schaefer says the company's direct-to-consumer lines were what primarily drove growth during the quarter, as consumers looked for promotions and lower prices.
Schaefer says the trend of consumers trading down to lower-priced mattresses has continued into the third quarter, but the company is well positioned to weather the continued economic pressures weighing on consumer spending.
Last month, Sleep Country announced a $1.7-billion deal that if approved, will see Fairfax Financial Holdings Ltd. buy the retailer and take it private.
This report by The Canadian Press was first published August 8, 2024.
Companies in this story: (TSX:ZZZ)
