Sleep Country shares surge as sales withstand lockdown measures
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Shares of Sleep Country Canada Holdings Inc. surged in early trading Wednesday, after the company exceeded market expectations with what it called ârecord breakingâ fourth-quarter results.
The company reported $0.74 in adjusted earnings per share, compared to the $0.53 expected by analysts surveyed by Bloomberg. Net income was $26.6 million, and was 89.4 per cent greater, year-over-year.
On a conference call led by Sleep Country Chief Executive Officer Dave Friesema on Wednesday, executives said the company continues to benefit from Canadians spending more money on their home living environments during the pandemic, and are putting greater emphasis on the health benefits of a good nightâs sleep. The company also said it is winning market share from competitors.