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Sleep Country Canada Q1 loss widens YOY

Sleep Country Canada Holdings Inc. said its normalized net income for the first quarter amounted to a loss of C$1.15 per share, compared with a loss of 15 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$21.9 million, compared with a loss of C$3.2 million in the prior-year period.

The normalized profit margin declined to negative 23.9% from negative 3.9% in the year-earlier period.

Total revenue climbed 12.6% year over year to C$91.6 million from C$81.3 million, and total operating expenses climbed 7.3% from the prior-year period to C$83.8 million from C$78.1 million.

Reported net income totaled a loss of C$23.8 million, or a loss of C$1.25 per share, compared to a loss of C$3.9 million, or a loss of 18 cents per share, in the prior-year period.