Tempur-Pedic 4Q sales up 45.1%
By Furniture Today Staff -- Furniture Today, January 28, 2005
LEXINGTON, Ky. -- Tempur-Pedic International, manufacturer and marketer of visco-elastic mattresses and pillows, said fourth-quarter sales jumped 45.1%, as net income surged 106.1%.
Sales in the quarter ended Dec. 31 were $198.4 million, compared with $136.8 million in the comparable 2003 quarter. Quarterly profits were $23.9 million, up from $11.6 million a year ago.
On a pro-forma basis, excluding certain expenses and charges, Tempur-Pedic said net earnings for the quarter were $25.7 million, measured against $13.9 million for the same period in 2003.
For all of 2004, Tempur-Pedic sales increased 42.9% to $684.9 million from $479.1 million in 2003. Net income for the year nearly doubled to $75 million from $37.6 million in 2003.
Pro-forma annual income was $84.4 million in 2004, up 62.2% from 2003's $52.1 million.
In a conference call with analysts yesterday, Tempur-Pedic CEO Robert Trussell Jr. said the fourth-quarter results easily beat previously issued guidance, and that Tempur-Pedic's marketing strategy has been "very successful."
"In 2005, we plan to continue to expand our furniture retail base in both the U.S. and internationally," he said. "We will also continue the rollout of our futon product, which began shipping to stores in the Japanese market in December, and plan to introduce at least one more new mattress model in both the U.S. and Europe in 2005.
"Additionally, we will continue to build global brand awareness by expanding our targeted marketing and advertising campaigns," Trussell said.
