Sleep Country Canada's revenues rise 4.3% in 2Q
By Furniture Today Staff -- Furniture Today, August 18, 2003
Toronto — Sleep Country Income Fund, parent of bedding retailer Sleep Country Canada, said second-quarter revenues rose 4.3% to C$36.6 million as earnings before interest, taxes, depreciation and amortization, or EBITDA, grew 5% to C$4.5 million.
This country's largest bedding chain was acquired by the fund from Bain Capital earlier this year and became a publicly traded income trust on April 15. For the April 15–June 30 period, net income was C$2.8 million, the company said. Sleep Country didn't release net income figures for the comparable 2002 period.
Steve Gunn, chief executive officer, said the increases came in a relatively weak Canadian retail marketplace, which suffered from concerns about severe acute respiratory syndrome, or SARS, in the greater Toronto area, the company's largest market.
Comparable-store sales were stable during the quarter, up a modest 0.7%, while margins remained at 30.4%.
For the six months ended June 30, revenues rose 6.5% to C$72.6 million, while EBITDA increased 9.2% to C$8.2 million compared to last year's first half. Comparable-store sales inched up 1.2%.
