Transforming Lives Through Sleep
Transforming lives through sleep 2020 Annual Report SLEEP COUNTRY CANADA HOLDINGS INC. Letter from the Chair Dear Fellow Shareholders, This past year was marked by domestic and international uncertainty and hardship. We would like to open our Annual Report with recognition of the difficulties experienced in 2020 and extend our thoughts to everyone affected by these challenging times. Furthermore, we are grateful and would like to offer our sincere thanks to all essential frontline workers for the hard work over the last year. We applaud their efforts and dedication. At the start of the year, retailers were forced, if able, to make a quick pivot and embrace a digital go-to-market strategy. Sleep Country Canada exercised vigilance, agility, innovation and masterful responsiveness in the wake of these challenges. This enabled the Company to achieve an exceptional year, reporting our strongest growth, profitability and cash flow on record. In the second quarter, the Board decided to suspend the dividend and the purchase of any shares under the NCIB to preserve liquidity and financial resources in response to the risks and uncertainties caused by the onset of COVID-19. In the third quarter, we were pleased to reinstate both activities. I am proud of the exceptional results that were delivered in 2020 across the Company’s three brand banners, Sleep Country, Dormez-vous and Endy, including 23.1% growth in Adjusted Basic Earnings per Share from $1.60 in 2019 to $1.97 in 2020. These results reflect the efforts of our outstanding Associates and leadership team. Over the last several years, we have strategically added layers onto our proven business model across infrastructure, channel, partnership, experience and brand.
[Show full text]