CA - Sleep Country Canada Holdings Inc. (SCCAF) Q4 2023 Earnings Call Transcript
2024-03-07 11:41:09 ET
Sleep Country Canada Holdings Inc. (SCCAF)
Q4 2023 Earnings Conference Call
March 7, 2024 8:00 AM ET
Company Participants
Stewart Schaefer – President and Chief Executive Officer
Craig De Pratto – Chief Financial Officer
Conference Call Participants
Martin Landry – Stifel
Stephen MacLeod – BMO Capital Markets
Vishal Sridhar – National Bank
Andrew Lopez – TD Securities
John Zamparo – CIBC
Presentation
Operator
I would like to welcome everyone to Sleep Country's Q4 Fiscal 2023 Results Conference Call. Yesterday, Sleep Country released its financial results for the fourth quarter of fiscal 2023. A copy of the earnings disclosure is available on their Investor Relations website and includes cautionary language and forward-looking statements, risks and uncertainties which also applies to the discussion during today’s conference call.
I would now like to turn the call over to Stewart Schaefer, President and CEO. Please go ahead.
Stewart Schaefer
Thank you, and good morning, everyone. Thank you for joining us. With me today is Craig De Pratto, our CFO. I am pleased to report a solid finish to fiscal 2023 with a 5.2% increase in sales for Q4, setting a new watermark record in revenue for the year as we proudly enter our 30th year in business. Despite a year that saw ongoing industry challenges that have seen double-digit unit declines in mattress purchases across North America, we delivered strong results as we remain razor-focused on executing our multiyear expansion plan.
In Q4, we saw volatile swings in demand across all our house of brands. In October, as geopolitical issues escalated and volatility increased in the stock market, we experienced a pause in sales as consumer confidence dropped and customers chose to defer their larger sleep purchases. In the later part of the quarter, we saw consumer spending rebound, albeit cautiously, as customers took advantage of seasonal promotions....
Sleep Country Canada Holdings Inc. (SCCAF) Q4 2023 Earnings Call Transcript