Toronto – Retailer Sleep Country Canada’s fourth quarter for the year ended Dec. 31, 2021, climbed to C$271.2 million, 9% increase from net sales of C$248.9 million in the same quarter of 2020.
The 286-store retailer posted net income of C$26.4 million for the quarter, a 0.5% decrease from C$26.6 million in the fourth quarter of last year. For the quarter, the retailer said its same-store sales climbed 3.2% from the same quarter of 2020, and e-commerce sales accounted for 210.9% of its quarterly sales.
For the full year, Sleep Country Canada posted net income of C$88.6 million, a 40% increase from C$63.3 million over the prior year. The company reported net sales of C$920.2 million for fiscal 2021 a 21.4% from C$757.7 million in 2020.
“We delivered strong performance in the fourth quarter, with exceptional two-year stacked revenue growth of 45.4% driven by increased consumer demand for our portfolio of products across our brands and channels,” said Stewart Schaefer, CEO and president. “We continued to build our sleep ecosystem, expanded our product line-up and ecommerce platforms with the acquisition of Hush and investment in Sleepout, and grew our retail footprint with our exclusive Express stores in Walmart Supercentres.
“Despite the resurgence of COVID-19 later in the quarter and the supply chain challenges associated with the pandemic, our investments in distribution, inventory, digital and customer experience, combined with outstanding execution by our best-in-class team, enabled us to deliver to our customers wherever they chose to shop.”
During the year, Sleep Country Canada partnered with Walmart Canada to open additional Sleep Country/Dormez-vous Express stores in Walmart stores in Ontario and Quebec. The retailer also teamed up with Well.ca, a health and wellness digital retailer, to help promote the benefits of healthy sleep.
I’m Sheila Long O’Mara, executive editor at Furniture Today. Throughout my 25-year career in the home furnishings industry, I have been an editor with a number of industry publications and spent a brief stint with a public relations agency where I worked with some of the industry’s leading bedding brands. I rejoined Furniture Today in December 2020 with a focus on bedding and sleep products. It’s a homecoming for me, as I was a writer and editor with Furniture Today from 1994 until 2002. I’m happy to be back and look forward to telling the important stories impacting bedding retailers and manufacturers.
Post time: Mar-21-2022