Canadian housing spending Q3 falls on consumer confidence | So Good News

TORONTO – The Canadian sleep industry reported third-quarter revenue of C$28.9 million, down 20.7% from total revenue of C$36.5 million in the same period last year.

All sales for the quarter ended Sept. 30 fell 8.3% to C$251 million compared to total sales of C$273.8 million in the third quarter last year. Online sales made up 18.5% of the company’s third-quarter revenue.

The retailer said its same-store sales fell by 11.1% and it said the decline was worse than in the same quarter last year following the reopening of stores in 2021 following suspensions due to the pandemic and slower sales from the second quarter of 2021 to the third. quarter of 2021.

“In Q3, we saw how consumer spending quickly changed as the quarter progressed. Although spending has decreased due to consumer uncertainty due to rising interest rates and fears of a recession, we are very proud of our growth in the market that we have achieved over the past three years,” he said. Stewart Schaefer, President and CEO. of the Sleeping World. “We are expanding SSS1 from Q3 2020 and Q3 2021, which increased the two-year SSS1 growth by 25.1%, and despite the negative growth of SSS1 in Q3 2022, we are happy with our three-year SSS1 growth of 14. %.

Annual sales rose 5.6% to $685.6 million this year, and net income for the nine months rose to $70 million ahead of $62.2 million in the first nine months of 2021.

“Our teams continue to do a great job of managing our business in a very challenging environment including managing our earnings through the ongoing volatility, combined with the volatile Canadian dollar, enabling us to achieve a strong fourth quarter,” said Schaefer.

In Canadian dollars.

See also:

I’m Sheila Long O’Mara, editor in chief at Furniture Today. In all my 25 years of work in the home equipment industry, I have been an editor with several book companies and spent a short time with a public relations organization where I worked with some of the leading companies in the production of bedding. I also went into Furniture Today in December 2020 to look at couches and couches. It’s a homecoming for me, as I was a writer and editor with Furniture Today from 1994 to 2002. I’m excited to be back and look forward to covering important stories affecting the furniture industry and manufacturers.