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Sleep Country Canada swings to profit in Q1

Sleep Country Canada Holdings Inc. said its normalized net income for the first quarter came to 17 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

The per-share result swung to a profit from the prior-year loss of C$1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$6.3 million, compared with a loss of C$21.9 million in the prior-year period.

The normalized profit margin increased to 5.9% from negative 23.9% in the year-earlier period.

Total revenue rose 17.1% on an annual basis to C$107.3 million from C$91.6 million, and total operating expenses grew 14.5% year over year to C$95.9 million from C$83.8 million.

Reported net income came to C$7.2 million, or 19 cents per share, compared to a loss of C$23.7 million, or a loss of C$1.25 per share, in the year-earlier period.