07:41 AM EST, 03/07/2024 (MT Newswires) -- Sleep Country Canada Holdings Inc. ( SCCAF ) on Thursday said the TSX has accepted its notice of intention to make a normal course issuer bid. The company may buy back up to 2.37 million common shares, 10% of its public float, starting March 11, for one year.

Sleep Country reports that it purchased 1.45 million shares at a volume weighted average price of $23.36 each under its previous normal course issuer bid which expires on March 8.

Meanwhile, National Bank noted that Sleep Country Q4/23 results (reported March 6) were better than expected -- EPS was in line with NBF (and better than consensus), while same store sales growth (sssg), revenue and EBITDA were ahead of expectations, writes analyst Vishal Shreedhar.

Adj. EPS was $0.56, in line with NBF vs. consensus at $0.53; last year was $0.67; EPS declined by 16.4% y/y.

Revenue was $255.6 million vs. NBF at $244.6 million and consensus at $247.7 million; last year was $243.0 million. Revenue grew by 5.2% y/y reflecting 12 net new stores opened over the last year, wrap stores opened in 2022 and the acquisitions of Silk & Snow and Casper Canada, partially offset by negative sssg, Shreedhar added.

National Bank rates Sleep Country Sector Perform, with a $28 target.