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Sleep Country Canada swings to profit in Q2

Sleep Country Canada Holdings Inc. said its normalized net income for the second quarter amounted to 22 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

The per-share result swung to a profit from the prior-year loss of C$2.09.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$8.4 million, compared with a loss of C$39.6 million in the year-earlier period.

The normalized profit margin increased to 7.0% from negative 38.6% in the year-earlier period.

Total revenue grew 17.3% year over year to C$120.2 million from C$102.5 million, and total operating expenses climbed 14.8% year over year to C$105.8 million from C$92.1 million.

Reported net income came to C$9.8 million, or 26 cents per share, compared to a loss of C$51.1 million, or a loss of C$2.69 per share, in the year-earlier period.