Simmons Canada 1Q sales up 16.4%
By Furniture Today Staff -- Furniture Today, May 14, 2006
Mississauga, Ontario — SCI Income Trust, parent of bedding producer Simmons Canada, said first-quarter sales jumped 16.4% and net income surged 28.8%.
Sales of the flagship Beautyrest line and the promotional Beautysleep brand paced the growth, the company said.
Sales totaled C$34.5 million, up from C$29.6 million in last year's first quarter. Net income was C$2.7 million, or 34 cents per trust unit, compared with C$2.1 million, or 27 cents per unit, in the comparable 2005 quarter.
President and CEO Terry Pace said the jump in net income was driven by higher sales volumes, minimal increases in some costs and lower tax expenses.
"These outweighed the impact of increased sales of our lower-margin product and higher costs of foam," he said.
As a percentage of sales, selling, general and administrative expenses fell to 14.5% from 16.1% in last year's first quarter. Gross margin fell to 25.1% of sales from 27%.
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Simmons Canada 1Q sales up 16.4%
May 15, 2006 -
SCI1Q sales jump 16.4%
May 11, 2006
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