Sleep Country 4Q revenue up 10.2%
By Furniture Today Staff -- Furniture Today, March 28, 2004
TORONTO — TORONTO — Sleep Country Income Fund, parent of bedding retail chain Sleep Country Canada, reported fourth-quarter revenue rose 10.2% over last year's final period, with earnings before income taxes, depreciation and amortization surging 28.9% to C$6.5 million.
SCIF did not report sales figures for the fourth quarters, although it said same-store sales increased 3.1% while contribution margin was 31% versus 27.2% in last year's quarter. One new store was opened in the fourth quarter, in Chilliwack, British Columbia.
For the year, revenues rose 9.3% to C$165.5 million, while EBITDA increased 16.1% to C$22.5 million.
Sleep Country Canada, this country's largest sleep shop chain, became a publicly held income trust on April 15, 2003.
"We are approaching our first anniversary as an income fund and are very pleased with our performance over the past year," said CEO Stephen Gunn. "Looking ahead, we remain confident that Sleep Country's strong brand and ability to provide superior customer service will continue to produce good results for our unitholders."
President Christine Magee said, "We've been very pleased with the success of our new stores in 2003. The launch of our newest region in the interior of British Columbia saw the opening of three stores, in Vernon, Kelowna and Kamloops. We also opened five new in-fill stores in existing markets. All eight stores have performed up to, or better than, expectations."
Gunn told financial analysts in a conference call the company plans to add about eight stores this year in existing markets. SCC's approach has been to enter a market with multiple units opening simultaneously, adding stores as its brand becomes established.
SCC, Gunn said, is studying four markets — Winnipeg, Manitoba; Halifax, Nova Scotia; Quebec City and Montreal — for expansion over the next few years.
The company's board of directors is working on a comprehensive strategic plan to guide its growth. Gunn said the plan could be unveiled at the annual general meeting of unitholders in late May.
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