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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Sleep Country Canada Holdings Inc    ZZZ   CA83125J1049

SLEEP COUNTRY CANADA HOLDINGS INC

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Sleep Country Launches Chinese Mobile Payments with SnapPay: SnapPay Inc.

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08/14/2019 | 05:08pm EDT

2019 AUG 14 (NewsRx) -- By a News Reporter-Staff News Editor at China Business Day -- Sleep Country Canada Inc. and SnapPay, Inc., a leading provider of alternate payment solutions, announced the first phase of its pilot program, enabling Chinese consumers to pay with popular mobile payments applications, Alipay and WeChat Pay, at its 21 store locations in the Greater Toronto area (GTA) and Greater Vancouver Area (GVA).

SnapPay is a payment gateway that allows North American merchants to accept digital payments from the 2 largest Chinese payment platforms that have over 2.1 billion active users. It enables consumers to digitally pay in Chinese currency, while merchants get paid in Canadian (or U.S.) currency. SnapPay enables a lower cost payment option for merchants compared to traditional credit card transactions, and enhances the customer experience by offering Chinese consumers the option to pay with the mobile apps and currency that they’re comfortable with.

The rising power of the Chinese consumer provides North American merchants with an opportunity to leverage a vast, new revenue channel. The partnership with Sleep Country underscores the large buying power of the Chinese customer segment.

“With the trend of mobile payments gaining momentum, we aim to offer our customers the latest and most popular payment options that they’re comfortable with,” said Dan McKinley, Vice President of Sales, Sleep Country Canada. “The support of SnapPay and their payment partners like Alipay, have aided us in providing branded marketing support and incentive offers and convenience to our Chinese customer base, which has helped build our brand and offer a world class experience in this competitive landscape.”

“Our mission at SnapPay is to enable merchants to capitalize on the growing, thriving Chinese consumer market in North America,” said Chris Renton, Chief Growth Officer, SnapPay, Inc. “We help brands and retailers connect to Chinese consumers, and are pleased to partner with an innovative, industry-leader, such as Sleep Country Canada.”

With 1.7 Million Chinese immigrants living in Canada in 2016, more than 600,000 visitors, along with over 140,000 Chinese University students studying in Canada, SnapPay provides Canadian merchants a new way to engage a lucrative untapped customer segment.

The SnapPay platform enables consumers to pay in Chinese currency, with a simple QR scan from their mobile app, while merchants get paid in Canadian or U.S. Dollars. The SnapPay solution benefits both retailers and consumers, by providing favorable merchant fees and simplifying transactions for Chinese consumers, while lowering their cost of purchase. About Sleep Country Canada Sleep Country Canada is Canada’s leading omnichannel mattress and bedding retailer and the only specialty mattress and bedding retailer with a national brick and mortar footprint and an online presence. Sleep Country operates under two retail banners: Dormez-vous?, with retail operations in Quebec; and Sleep Country Canada, with retail operations in the rest of Canada. As of May 6, 2019, Sleep Country has 269 stores and 16 distribution centres across Canada. All of the Company’s stores are corporate-owned, enabling it to develop and maintain a strong culture of customer service, resulting in a consistent and superior in-store and home delivery experience. Sleep Country also works closely with Canadian charities to donate new and gently used mattresses to families and children in need. About SnapPay Founded outside Toronto, Canada in 2017, SnapPay provides a payment gateway that allows North American merchants to accept digital payments from Chinese Alipay and WeChat Pay users. SnapPay provides comprehensive direct to consumer marketing channels for its clients, and is committed to establishing a reliable platform to connect Canadian and American merchants with the large buying power of consumers. SnapPay enables merchants and brands, of all sizes, tap into the Chinese consumer market in the sectors of Tourism, Education, Food & Restaurants and Retail throughout North America. View source version on businesswire.com: https://www.businesswire.com/news/home/20190730005281/en/

(Our reports deliver fact-based news of research and discoveries from around the world.)

Copyright © 2019 NewsRx LLC, China Business Day, source Geographic Newsletters

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Financials (CAD)
Sales 2019 715 M
EBIT 2019 104 M
Net income 2019 61,0 M
Debt 2019 -
Yield 2019 3,61%
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 1,11x
Capi. / Sales2020 1,03x
Capitalization 792 M
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 23,71  CAD
Last Close Price 21,31  CAD
Spread / Highest target 40,8%
Spread / Average Target 11,3%
Spread / Lowest Target 3,24%
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Managers
NameTitle
David Friesema Chief Executive Officer & Director
Stephen K. Gunn Co-Chairman
Christine A. Magee Co-Chairman
Sieg Will Senior Vice President-Operations
Robert H. Masson Chief Financial Officer & Secretary
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