Tempur-Pedic 1Q sales up 45.2%
Profits rise 127.3%
By Furniture Today Staff -- Furniture Today, April 27, 2005
LEXINGTON, Ky. -- Tempur-Pedic International, maker and marketer of visco-elastic mattresses and pillows, said first-quarter sales surged 45.2% to $222.4 million from $153.1 million in the comparable period a year ago.
Profits in the quarter ended March 31 skyrocketed 127.3% to $26.8 million from $11.8 million a year ago. Both periods included special charges.
Excluding those charges for the early extinguishment of debt and non-cash stock compensation, pro forma net income was $27.5 million in the latest quarter and $16.6 million in the year-earlier period.
President Thomas Bryant said, “During the seasonally strong first quarter, Tempur-Pedic continued to generate strong growth in our established accounts and added approximately 330 net furniture retail stores in the U.S., substantially exceeding our target number.
“These factors combined to increase U.S. furniture retail store sales 91% to $93.4 million for the quarter. In addition, internationally, we added approximately 170 net furniture retail stores,” he said.
Based on the company’s strong first-quarter performance and its continued positive outlook for the year, Tempur-Pedic has increased its guidance for 2005 and now expects annual sales in a range of $880 million to $890 million, with diluted earnings per share between $1.08 and $1.11.
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