Sleep Country net income up 15.8% in Q2

TORONTO — Sleep Country Canada (TSX:ZZZ) reported its second-quarter earnings after markets closed Wednesday, showing a year-over-year rise in net income from operations of 15.8 per cent to $11.2 million.

The Toronto-based mattress retailer’s adjusted net income was up 18.2 per cent to $11.8 million in the three months ended June 30.

Revenue increased 10.7 per cent to $133 million while same-store sales, an important metric in retail, was 7.5 per cent.

Earnings per share were up 15.4 per cent to 30 cents, while adjusted earnings were up 18.5 per cent to 32 cents.

Sleep Country went public in July 2015. It had originally been listed on the Toronto Stock Exchange as an income trust from 2003 to 2008, when it was bought out for $356 million by Birch Hill Equity Partners and Westerkirk Capital.

Founded in 1994, the company owns and operates 237 stores in Canada under its own name and the Dormez-Vous? banner as well as 17 distribution centres.

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