Good morning, ladies and gentlemen. I would like to welcome you to Sleep Country's Q2 2022 Results Conference Call. Yesterday, Sleep Country released their financial results for the second quarter of 2022. A copy of the earnings disclosure is available on their investor relations website and includes cautionary language about 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 Chief Executive Officer, and Craig De Pratto, Chief Financial Officer. Please go ahead, gentlemen. Thank you, Michelle, and good morning, everyone, and thank you for joining us. I hope that you're all keeping well on this beautiful summer day. With me today is Craig De Pratto, our CFO. We are very pleased to share the results of another successful quarter and our strongest Q2 in our company's history. We continue to deliver on our multi-year strategic plan and build on our growth and momentum to reinforce our leading position as Canada's Sleep partner. We achieved once again impressive growth across all the key metrics of our business. Revenue increased by 18.4%, net income grew by 33.2%, and operating EBITDA increased by 21.8%, reinforcing the strength of our business. Our record performance in Q2 was driven by our powerful sleep ecosystem and our relentless pursuit to create a frictionless customer experience across all our expanded channels. Our goal is to provide our customers a channel-agnostic shopping journey, allowing them to shop for our innovative products how, where, and when they want to. This quarter, we grew our physical retail network with another store opening in Stittsville, Ontario, as we continue to see customers choosing to return to our brick-and-mortar, giving our customers even more opportunities to discover, learn, try, and purchase our sleep products with the help of our trusted sleep experts. This brings our retail store network to 287 locations as of June 30. In the months ahead, we will continue to expand our footprint and look forward to sharing our new store design with further enhanced customer experience. In these turbulent and uncertain times, we remain positive and focused on delivering on our long-term strategic plan, growing our shareholder value while looking for opportunities that will continue to drive our growth agenda. Our e-commerce sales represented 18.1% of our total revenues, reinforcing the importance of creating a seamless customer experience across all our digital channels, along with our best-in-class online marketplace partnerships with Best Buy, Walmart, and Loblaws. We continue to be driven by our vision and purpose to champion sleep as an essential pillar of physical, mental, and emotional well-being and provide our customers with a world-class experience. This quarter, we partnered with Haleo Sleep Clinics, who helped us launch our very own interactive Sleep Country branded sleep app, All for Sleep, to empower Canadians to get the sleep they need to function at their best. Introduced earlier this month, this new app gives users evidence-based sleep solutions and the tools to create their own personalized sleep programs with leading-edge support as well as access to our sleep experts, special promotions, and offers. As we continue our digital transformation, All for Sleep establishes an incredible foundation that connects our ecosystem and takes our sleep expertise and customer experience to a whole new level with new opportunities for us to communicate with our customers and monetize their sleep solutions. If you haven't downloaded it yet, please do and join us on our journey. We are also proud to release our very first ESG report early this month, highlighting our commitment to being a purpose-driven, sustainable business focused on helping people enhance their overall health and well-being, driving positive social change and protecting the planet. Our purpose of transforming lives by awakening Canadians to the power of sleep has never been more important. It has a transformative impact on people's lives and underpins the four pillars of our ESG strategy. Sleep Well, People Well, Earth Well, and Govern Well. While this is our first ESG report, the underpinnings of our ESG strategy has been in place for decades and reflects our beliefs and our team's beliefs and what differentiates us as the leading Canadian Sleep partner. We are incredibly pleased with our accomplishments across our business. The enhancements we've made to our customers' experience, product and channel innovations, our recycling and donation programs, our work towards creating an equitable, diverse, and inclusive work environment, and our ongoing commitment to transparency, governing responsibly and ethically. Our results demonstrate the strength of our diversified investments in our portfolio of leading products and brands, digital and physical channels, and our distribution network that has positioned us well to adapt to the ongoing economic conditions, supply chain issues, and challenges in consumer confidence. Going forward, we will continue to be guided by our purpose and commitment to driving growth, expanding our multiple distribution channels, innovative product lineup, and delivering the best retail sleep experience for our customers. Thank you to our Sleep Country, Dormez-vous, Endy and Hush teams, and all our partners for their incredible contributions throughout the quarter and continued commitment to deliver for our customers. With that, I will now turn the conversation over to Craig to discuss our financial results. Thank you, Stewart, and good morning, everyone. As Stewart noted earlier in the call, we are extremely pleased with our Q2 2022 results. We saw an increase in our revenues of CAD 35.4 million or 18.4% from CAD 192.2 million in Q2 2021 to CAD 227.6 million in Q2 2022. The increase in revenues was mainly driven by a 15.1% increase in our same-store sales and the incremental revenue earned from the Hush acquisition in Q4 of last year. We generated 18.1% of our revenues through e-commerce channels during the quarter. Our gross profit margin increased by 140 basis points from 34.5% in Q2 2021 to 35.9% in Q2 2022. This increase was mainly a result of our strategic price increases that began in Q2 2021 and continued into Q1 of this year. A reminder to the market that our Q3 and Q4 results this year will be lapping over prior periods where a portion of price increases were already executed. In addition to our higher AUSP, we experienced higher terms discounts and leveraging of our occupancy and depreciation expenses. These margin efficiencies were partially offset by higher product and transportation costs. In addition to sales bonuses and commission costs due to the shift in revenues earned from our e-commerce platforms to our retail stores. Finally, as we continue to navigate through the prolonged global supply chain challenges, specifically the freight cost on containers, we expect continued pressure in this area on the back half of the year. Total G&A expenses increased by CAD 6.6 million or 17.1% from CAD 39.1 million in Q2 2021 to CAD 45.7 million in Q2 2022. The change was mainly due to an increase in dollar spend on media and advertising, compensation, and depreciation and other expenses. G&A, as a percentage of sales, leveraged slightly during the quarter by 20 basis points. EBITDA increased by CAD 9.4 million or 22.2% from CAD 42.5 million in Q2 2021 to CAD 51.9 million in Q2 2022. Adjusting our EBITDA for LTIP and ERP-related costs, our operating EBITDA saw an increase of CAD 9.5 million or 21.8% from CAD 43.7 million in Q2 2021 to CAD 53.2 million in Q2 2022. Finance-related expenses increased by CAD 0.7 million from CAD 4.6 million in Q2 of 2021 to CAD 5.3 million in Q2 of 2022. This change was mainly due to an increase in the accretion expense for the redemption liabilities related to our acquisition of Hush in Q4 of last year. We experienced an increase in our effective tax rate by 280 basis points from 25.6% in Q2 of 2021 to 28.4% in Q2 2022. This tax rate increase is mainly driven by the accretion expense for the redemption liabilities related to the Hush acquisition in Q4 of 2021 that are not deductible for tax purposes. Net income attributable to the company increased by CAD 5.7 million from CAD 17 million in Q2 2021 to CAD 22.7 million in Q2 2022. Adjusting for LTIP, ERP costs, and Hush-related accretion expense, adjusted net income attributable to company increased by CAD 7.7 million from CAD 18 million in Q2 2021 to CAD 25.7 million in Q2 2022. Diluted earnings per share increased by CAD 0.15 or 32.6% from CAD 0.46 in Q2 of 2021 to CAD 0.61 in Q2 of 2022. Diluted earnings per share increased by CAD 0.21 or 43.8% from CAD 0.48 in Q2 of 2021 to CAD 0.69 in Q2 2022. To summarize our year-to-date results at a high level, revenues increased by 15.8% to CAD 434.6 million year-to-date 2022. Same-store sales increased by 12%, and e-commerce sales represented 19.4% of total revenue. Operating EBITDA increased by 33% to CAD 100 million in 2022. Diluted earnings per share increased by 59.4% to CAD 1.10 in year-to-date 2022. Finally, diluted adjusted earnings per share increased by 68.9% from CAD 0.74 in 2021 to CAD 1.25 in 2022. On to some capital allocation items. On July 28th, 2022, the board declared a dividend of CAD 0.215 per share, which is payable on August 29th, 2022, to shareholders of record at the close of business on August 19th, 2022. Additionally, in Q2 2022, the TSX accepted our amendment to the NCIB and approved an automatic share purchase plan, which provides us with the opportunity to repurchase shares during our blackout periods. As of June 30th, 2022, we repurchased and canceled 835,000 common shares at an average price of CAD 26.31, for total consideration of CAD 22 million. In July, as of July 28th, 2022, we've repurchased for cancellation an additional 401,000 common shares at an average price of CAD 26.30 for total consideration of an additional CAD 10.5 million. We will continue to execute against our NCIB plan in the second half of the year. Thank you, and I'll now pass the call back to Stewart for closing remarks. Thanks, Craig. Our strong performance in the second quarter demonstrates the power of our sleep ecosystem and our team's ability to continue to deliver for our customers. We will continue to build on our deep foundation of sleep expertise by expanding our reach, growing our channels, and investing in the most innovative and expansive product assortment in Canada. We remain focused on executing against our strategic plan and our commitment to delivering sustainable and profitable growth for our customers, associates, communities, and shareholders, as we also help Canadians achieve their best night's sleep in support of their health and well-being. With that, we conclude our remarks and open the floor for questions. Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you would like to ask a question, please press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, please press star followed by the number 2. Please stand by for your first question. Your first question comes from Martin Landry of Stifel. Please go ahead. Hi, good morning, Craig and Stewart. Morning, Martin. Morning. My first question is more macro. I mean, we're seeing the consumer confidence decreasing because of inflationary pressures. I was wondering if you can discuss a little bit the traffic patterns past the quarter. Have you seen any weakness in traffic this summer? You're seeing probably the same thing that we're seeing, Martin, and globally, everybody's experiencing the same thing. What we said that we saw in Q1 on the lower end of our business continued into Q2, continuing into Q3. The consumer to us still seems healthy. Barring a couple of weeks towards the end of June, where the market got a little bit uglier, really the consistency of flow of traffic has rested and been the same. Okay. You know, I was wondering from a competitive landscape, you know, how are your competitors equipped to face a potential downturn, especially the smaller local players? Historically, have you seen an increase in consolidation by attrition in times of economic slowdown? A great question. We've been in this business, as you know, for 28 years. The global crisis of the pandemic in 2020 would normally probably have shaken out some of the players. We don't wish harm on anyone, but it is a recession that was saved by government subsidies. It'll be interesting to see what happens as time goes on. The biggest area of growth opportunity, we've often said, comes from, not from the largest players, but over time, the smaller retailers who generationally may be looking to get out of the business or their children are not necessarily taking over the business. Recessions in the past have been opportunities for us to take market share if that's where we're going. Yeah. Okay. Just last question. Can you remind us how many days your stores were closed last year due to the COVID restrictions? The closures were approximately, I think it was 32.6% of operating days in Q2. Year to date would have been right in the same range, right around 32-33% of total operating days. That was mainly tied to the Ontario and Quebec closures. Okay. Perfect. Thank you. Thanks, Martin. Thanks, Martin. Your next question comes from John Zamparo of CIBC. Please go ahead. Thank you. Good morning. Good morning, John. I wanted to ask about the dynamics of accessories growth versus mattress growth. In particular, for the past couple of quarters, if you back out what we might think is a reasonable contribution from Hush, mattress sales have actually grown well above accessories. Particularly given the greater on-premise level of purchasing, I would have thought maybe the opposite would be true. I wonder if you can add some color there, either on the competitive dynamic or on consumer behavior when you think about accessories versus mattresses. I think, John, the patterns that we continue to see are consistent with previous quarters. There's no secret that we believe that there is a large opportunity for us to take more market share on our accessories, which is why we were excited to partner up with Hush. We do plan on their expanded collection of products. In fact, I think yesterday they just launched their Hush Eco-Pillow. We still think we're early days. We've mentioned before that we think we have an 8%-10% market share compared to our 35%-40% market share in terms of mattresses, which we also feel is growing. Interestingly enough, we discussed this yesterday at the board meeting. Sometimes in times of downturns in the markets, which again, we haven't necessarily seen that because the consumer seems to be still strong, our accessory business does pick up as customers come into the store and are looking and maybe in the process, buy an accessory product or go online and buy an accessory product before they make their final purchase of the mattress. We're still pressing hard on our accessory business, but in the same regard, we're doing the same thing on our mattresses and hope to continue to grow both categories. Okay, that's helpful. On gross margins, Q2 is typically meaningfully higher than Q1, and I'm referring to pre-pandemic years to remove some of the noise. It was still up this year, but less than usual. Can you talk about some of the inputs on that, in particular, the cadence of pricing that you've taken over the past year or so? Yeah. John, as I mentioned in my kinda in the call script, we did have, we are starting to lap over some of the price increases from the prior year. We saw a little bit of that in Q2. In addition, the container freight continues to be an area where, as we sell through the inventory that we've been receiving over the past few quarters, there is that higher freight that is attached to the landed cost and being relieved through. One thing that we wanted to kind of point out was, as you've been seeing some pretty significant step-ups in, you know, in Q1 over the Q1 of the prior year, much of the reason for that was because there was no price taken in Q1 of 2020, but or in 2021. You're seeing that big step up in 2022, and then you can see it starting to settle a little bit in Q2, and then you can expect that on the back half of the year where you won't expect that kind of bump up. Those are kind of some of the main puts and takes, though, are really around the freight. Then also too, as consumers return to stores, our commission is on our store gross profit. Last year there was a higher proportion of sales that were on the e-commerce channels, so that avoided that commission cost. Those are some of the main kind of two triggers that are seeing a little bit of pressure on gross profit, and you're not seeing the jump up, though we are still growing over prior year. Okay. Understood. Thank you. If I could just squeeze one more in. Stewart, I just wanna clarify your comments on what you just referenced was a difficult time in late June. Has that ended and you're seeing normal traffic behaviors resume in July so far? It's hard to determine these days, John, what normal is, as we see a big part of our business over the last couple of years grow in terms of our e-commerce. I will say that we have healthy traffic, and I would even use the word robust in some provinces, and we have softer traffic in other provinces. Overall, towards the end of June and the beginning of July, it was spottier than normal. This week, traffic. Again, we don't give guidance, but this week, and I don't know if it's because the markets are up this week or maybe that helped a little bit with consumer confidence. This week, traffic was strong again. It's been definitely very spotty. Another comment that was made by one of the other analysts that we were talking to two days ago was the question if anyone's been to an airport lately is maybe also with all the traveling and share of wallet that seems to be going on towards vacations. This is the travel season for us. Some of the spottiness can be related to consumer confidence, even though the consumer seems quite healthy to us. Some of this could be just that they're out of town and traveling a little bit. We don't know. Got it. Okay. That's very helpful. Appreciate the color. Thank you. Thanks, John. Thanks, John. Your next question comes from Stephen MacLeod of BMO Capital Markets. Please go ahead. Thank you. Good morning, guys. Hey, Steve. How are you? Hi. Good, thanks. Just a great color so far. I just wanted to follow up on a couple of things here. Just with respect to the gross margin outlook, you know, Craig, I guess if I'm reading between the lines a little bit, it sounds as though you would expect to kinda hold in the margin gains that you've made so far, which would incorporate or encompass the price increases, but maybe not see growth to the same levels as you saw previously in the back half of the year. Is that the way to think about it? That's the exact way to think about it, yes. Perfect. I was just wondering, like, are you able to quantify a little bit on how much price you've actually gotten over the last 12 months from when you began to put through more meaningful price increases? It's varied in so many different categories, Stephen. Some areas we didn't increase price, and actually our margins drop on the more price-sensitive area of the lower end of our business. Some areas where we have pricing power, we were able to pass it off on the high end. I think the adjustments that we have made have been very deliberate. As it relates around our cost to container business, keep in mind that 80% of the business that we have in mattresses is still manufactured in Canada, where whatever costs under normal circumstances our vendors pass on to us, we will try to navigate that with our customers. It's more in the area of a lot of the imports on the accessory part of our business, if I have to say any part of that. That being said, in the last quarter, delays still remain quite similar. We are seeing a little bit of relief in lower container costs, albeit substantially higher than they were pre-pandemic. We also are seeing a lower Canadian dollar that is putting a little pressure on that category also. The mix is always to the high end, I would say more on the accessories. Okay, great. You've been very active on the buyback, and it sounds like you're gonna continue to be in the back half of the year. I'm just curious, can you just remind us how much room you have left on the buyback once you factor in the, I guess, 400,000 shares that you bought additionally since the end of the quarter? Yeah. Right now we're in around CAD 30-CAD 33 million, I believe. Yeah, right around CAD 33 million. It'd be another CAD 17 million. Would get up to, you know, where we had kind of indicated our limit was around that CAD 50 million. That would be about another CAD 17 million. Oh, okay. In terms of, you're talking dollars, obviously. Correct. Yeah. On shares, it would be about another 800,000 or so. I can send you the exact number after the call, Stephen, if you like. Yeah. Sure. I think it'd be around 800,000 more shares left. Okay. I guess maybe too soon to tell, but are there opportunities to increase that NCIB once you've exhausted the current program? Yeah. We've only put in submissions for up to 6.7% of the float, and we can go up to 10%, so- Right. - we can make a better from the back half. Yeah. We watch our capital allocation very carefully. We're gonna look for the best investments to create shareholder value, whether it's the NCIB, whether it's increasing the dividend, whether opportunity presents itself in terms of any M&A business. The strength of our balance sheet, Stephen, as you know, creates interesting opportunities in times like this. Yeah, absolutely. Maybe just one final one, if I could. In terms of the new store renovation or new design, do you have any stores under the new design in your network so far? If so, are you able to talk a little bit about any of the changes or changes in, you know, sales per square foot or efficiency or anything like that? I promise you, Stephen, and a few others will be the first to know when we launch it. The answer is no, none of them are out yet. We thought we were in the final leg of the design, but some of the digital transformation, some of the technology that we wanna bring in in terms of the overall customer experience is a moving target for us right now. Where we thought by the third or fourth quarter, well, at least the third quarter, that we were gonna be introducing it, I could say with certainty it won't be introduced in the third quarter, more likely in the fourth quarter or in the first quarter. That being said, we now decided to hold back on our renovations. 82% of our stores are renovated in the new concept that we did a few years ago. The remaining 18%, it doesn't pay for us to put it in the concept that we're shifting away from. We'll definitely be transparent about when this is gonna happen, but we're very excited about it. Great. Thanks, guys. No problem, Stephen. Your next question comes from Patricia Baker of Scotiabank. Please go ahead. Yeah, good morning, Stewart and Craig. Just wondering if you could talk a little bit about your partnerships, you know, the Loblaws, Walmart, Best Buy, what you're seeing there, and are you attracting a new customer, and are they meeting with your expectations? The partnerships that we've created, which we believe are the best in class, as you well know, is a longer-term strategic plan for us to expand our customer segmentation, as well as transact in a seamless fashion for our customers any way they want, and for us to be everywhere and be channel agnostic. To ask how is that going? Great. We're still in early stages of it. The relationships are fantastic. These are great partners to be with. The eyeballs that we've been getting has been quite amazing. And we do believe it's very hard to pinpoint why we seem to be bucking the trend, 'cause it never is one thing, it's the multiple things we do. We do believe we have the strongest portfolio of brands in the sleep space. We do believe we built superiority throughout our entire business, our sleep experts, logistics. The frictionless omni-channel experience that we are relentlessly improving on and trying to grow. Frankly, we do believe that we have the best management team in the world that will navigate through all the noise that is being thrown at us in the last few months, and as has been over the last three years or the last 28 years of growing this business profitably. All these partnerships are part of a longer-term plan to make sure that we're readily available for customers any way and anywhere they wanna shop for bedding. Okay. Thank you for that, Stewart. Just a small question around the launch of your All for Sleep app. How exactly are you building awareness of the app and driving consumers to download the app? Great question. The marketing team we just approved in the marketing plan. We're gonna put dollars behind this, and it will be part of our initiatives. The biggest part will be through the digital transformation and advertising that we're going to be doing. You're gonna see it in our stores. You're gonna see it in terms of our forms of advertising. Obviously, this is gonna be fluid. It's constantly gonna be improved upon. You know us by now, Patricia, we like to walk before we run. The reaction that we've had so far has been quite surprisingly good. The teams are getting very excited about different ways to be able to engage with our customers. Eventually there's an opportunity to monetize this relationship in some very interesting ways. Thank you for that, Stewart. Thanks, Patricia. Your next question comes from Meaghen Annett of TD Securities. Please go ahead. Hey, Meaghen. Good morning. Morning. Good morning. Just a follow-up here on capital allocation. Stewart, you noted M&A, but can you talk a bit more about what your pipeline looks like today? Well, Meaghen, we don't talk about things that we may be looking at right now. I will say that clearly our focus is strongly around digital opportunities. I will say that we are looking to partner up with the best in class. I will say that prices have come down, so I'm not thrilled about what our stock price is these days because it's very cheap with the rest of the market, but that also lives in the world of M&A. We're excited about some of the things that we've been looking at over the past year and a half that have come back to earth in terms of possible deals. Besides that, I can't tell you anything particular specific. Well, that's good color. Thank you. Thank you. With regards to your in-store partnership with Walmart, how are you and Walmart approaching the expansion of the Express stores in Canada? Just given some of the pressures we've seen on the lower-end consumer, is there any change to the growth plans there in the near term? Well, great observation. We're still in the pilot stage. We're happy and pleased. Our team, led by Phil Besner, our biz dev team, are in the final stages of negotiating, I think it's another. Was it nine stores? I think nine or 10 stores. We're gonna continue the pilot, and I'm gonna say pilot until a lot of things are going on. There's already we're gonna be changing and enhancing the store design, because we've discovered that the cash and carry component that we've offered in there are folks even at our Sleep Country Express stores in Walmart want the free delivery. So, we don't need to store mattresses. We're expanding our accessory selection because there seems to be a nice demand for the accessories that we sell. We're expanding the footprint because there has been some challenges for us being able to show what we wanna show in a 450 sq ft footprint. We're gonna be expanding that a little bit to, I think, approximately 750 sq ft, and those are in the final stages. All that being said, none of us know where the economy is going. There's no question that the lower-end consumer is more impacted. It's no secret that inflation has had the biggest challenge on that. We don't plan our business for a quarter or even for six months or nine months, whatever, if this is a recession. If so, our strategic plan is executing the way that we want, we're going to continue to move forward and grow our footprint with Walmart. Just last question, looking at the e-commerce penetration rate. That has continued to come down. Do you have any updated thoughts as to where e-commerce settles as a percent of Sleep Country sales? Just given the new store design, that's being put in place, you know, does that view on e-commerce impact how you're investing in the business going forward? Sure. I think we're all very paying close attention to globally what's been happening with e-commerce. I'm not gonna repeat the remarks of Shopify, but it was quite interesting to hear some of their comments that were made in terms of the growth of 5-10 years and that pulling back. There's no question for us. We are incredibly pleased with what we've seen in our e-commerce business, not only with our partners with Endy and Hush, but what we've seen organically growing within the Sleep Country and Dormez-vous brands. We are ahead of our expectations. If you look at our plans from 2019, November 2019, when we launched our e-commerce, our target was to be at a 10%, level, for our entire business by the end of 2022. There's no question that, COVID accelerated it. That being said, when the world thought that, digital ruled and brick-and-mortar was over, clearly that's not the case. We've been very happy to see, droves of traffic coming back to our stores. The fact that we built a diversified portfolio that allows us to have the full frictionless, e-commerce experience between the brick-and-mortar as well as the online side of the business, we're gonna continue to invest heavily in both areas. Longer term, I could probably see e-commerce at the 20% range in the next couple of years, and maybe even more. It's very hard for us in our omni-channel world to even measure our full penetration on our e-commerce. Because as fabulous as our e-commerce teams are, following the journey of the customer, a lot of our e-commerce customers, where the journey begins on your phone or on your laptop sitting at your home, whether it concludes online or in the store, it's all interconnected. That investment's gonna continue, and we really are channel agnostic. We don't care where it transacts as long as more Canadians are transacting with us. Thank you. That's it for me. Thanks, Annett. Have a nice vacation. Ladies and gentlemen, once again, if you would like to ask a question, please press star 1 at this time. Your next question comes from Vishal Shreedhar of National Bank Financial. Please go ahead. Hi. Thanks for taking my questions. I'm curious about the impact on low-end mattresses that you've talked about for the last few quarters. Is it because your marketing and your price increases on some of the higher end is making Sleep Country being perceived as a premium offer, and it's turning away that segment of the consumer? Or is this more of an industry dynamic that you're seeing and in that low end Sleep Country's holding share? I know it's difficult to get specific data on that, but maybe your thought would be helpful. The concern or the thoughts in the back of my head is that as Sleep Country continues to grow, you'll need this low-end consumer as well to help you achieve your growth ambitions. I will say, Vishal, that on the contrary, it's the opposite. Like, the relationships that we've created over the last couple of years with Walmart, Best Buy and Loblaws. Walmart was a very important part of an expansion of a customer segmentation. It clearly demonstrated that Sleep Country has great prices 'cause Walmart partners only with those that have great value. That expanded not only our customer segmentation to maybe a softer, lower-end consumer. It also expanded our customer segmentation to the 400,000 immigrants that are coming to Canada every single year that may not even know the Sleep Country brand but are going to Walmart. I will also say our e-commerce business opened the world for us. Transactionally, to your point, a few years ago, people maybe were intimidated to come into a Sleep Country store. We sure hope not. But if they were because they thought we were mid to high end, which we do control, we do have a huge part of that market. The e-commerce world allowed you to navigate and see that we have mattresses starting at CAD 199. For those that wanted to have the Sleep Country or Dormez-vous experience, they were able to transact very easily. What we saw during COVID was a huge growth in terms of those categories for us. I think we're penetrating that market very well, and I think we're going to continue to penetrate that market very well. The Walmart Express stores will also help grow that. On the flip side of that, to your other part of that question, and I made this comment in our board meeting yesterday, I bought my first house for CAD 110,000. You can't buy that house ever at CAD 110,000 again. The question is, do CAD 99 mattresses or CAD 199 mattresses, l ike, there's a correction inflation that there's gonna be some form of price stability that's gonna happen, but is there a new norm in terms of pricing? Is it more so that the bands, like we measure our bands CAD 0-CAD 500, CAD 500-CAD 750, CAD 750-CAD 1,000. A big part of our business, which was around the CAD 500 price point on the low end, may now be in the CAD 600 price point. We shifted. We have shifted the bands. You've seen it across all digital channels, you've seen it in Amazon, you've seen it in Walmart. We agree with you that that category is very important, but we also look forward to introducing better quality sleep to customers and hopefully bringing them up to a better quality bed. The last thing I'll say on that is, Endy's partnership was key, because Endy at queen size, CAD 895, fabulous, incredible mattress, definitely grew our customer segmentation in that category, as well as our Bloom that we introduced a couple of years ago that starts at CAD 299. It has been, to your point, a focus of ours over the last few years. It will be a continuation of a focus that we hit all price bands for all consumers, for all wallets and for all tastes. Thank you for that color. Just changing topics here, Endy has expanded into couches. Wondering if investors should look at that expansion and maybe glean insights in terms of Sleep Country's broader ambitions to expand away from solely sleep-based accessories, sleep-based products, into a broader furnishing, furniture type offering. I'll answer the Endy part first. Endy's brand is so incredibly loved that people want to buy more Endy product. The team led by Ali, our president of Endy, experiment on many different things, and if we see strong conversion, then obviously we step on the gas pedal. We're still in very early stages. A lot of the accessories that Endy has brought in has transacted really well, and we're still very much in that pilot stage. To answer your other part of that question, the expansion of Sleep Country will be all around sleep. Sleep does not just mean the mattress. Sleep means the bedroom, and our ability to do drop ship relationships, which we're beginning within our e-commerce platform. You can hopefully look to see in the future that we will continue to expand beyond the bed. Our partnership with Sleepo ut, two very dynamic leaders who are running that business for us, and the blackout curtains for the bedrooms, which has been doing very well, and they are definitely executing beautifully in this environment, is one of the extensions that we're doing within that space. Hush on the weighted blankets is another extension, and they will all be looking to expand their portfolios within the sleep space. Okay. Management, and maybe just the last one here. Just wondering how the board and management think about acquisitions. Obviously, we're at an uncertain part of the economic cycle, and so as you look at acquisitions, are you considering, you know, more smaller medium-sized deals, or would you consider a larger deal as well? The board, as well as the management team are always looking to enhance shareholder value. As we look at our overall capital allocation, we ask ourselves, what is the best use of our cash in terms of growing our business and what's gonna give the highest return, highest EPS for our shareholders as well as our team here. Not for the short term, but for the long term. We don't need to do M&A for growth. We will not do M&A just for the sake of growth. We will do it if it fits in our longer term strategic objectives, that fits in our portfolio of sleep, that's accretive to our business immediately, that is profitable, which is what we've been for 28 years. We look at any opportunities to your question, small, big or large. Our balance sheet gives us lots of flexibility. It's more finding the opportunities that is more difficult to do. We look at a lot of things, and we are very picky in terms of making the right deals with the right partners. Thanks very much. Thank you. There are no further questions from the phone lines. I will turn the conference back to your hosts for closing remarks. Gentlemen? Well, well, thank you very much, everybody. We really appreciate all the support. Thrilled to deliver our strongest Q2 in our company's history. We look forward to chatting with you in the third quarter. We hope you all have a wonderful summer. Take care. Ladies and gentlemen, this does conclude your conference call for this morning. We would like to thank you all for participating and ask that you please disconnect your lines.