Tempur-Pedic 2Q sales up 27.1%
Profits climb 46.6%
By Furniture Today Staff -- Furniture Today, July 22, 2005
LEXINGTON, Ky. -- Tempur-Pedic International, the maker and marketer of visco-elastic mattresses and pillows, reported a 27.1% surge in second-quarter sales, with net profits jumping 46.6%.
Sales in the quarter were $192.6 million, compared with $151.6 million in the same period in 2004. Net profits came to $24.8 million, measured against $16.9 million in the year-earlier period.
In the latest quarter, Tempur-Pedic said mattress sales increased 40% on unit growth of 27%.
For the six months, sales were $415 million, up 36.2% over the comparable 2004 period. Net income skyrocketed 79.7% to $51.6 million from $28.7 million last year.
The six-month periods included pretax losses on debt extinguishment of $717,000 in 2005 and $5.4 million in 2004.
CEO Robert Trussell said, “Tempur-Pedic International delivered excellent second-quarter results and strong growth in what is seasonally a slower period for the retail furniture industry. Our results were fueled by the ongoing expansion of our retail channel and sales of our premium mattresses.”
President Thomas Bryant said the company generated solid growth in its established accounts and is well on track to meet its goal of increasing sales from these accounts by 30% to 35% this year.
Additionally, Bryant said, “During the second quarter, we added approximately 400 net furniture retail stores in the U.S. and approximately another 180 net internationally to our retail distribution channel, substantially exceeding our targets for the period.”
Tempur-Pedic reaffirmed its guidance for 2005, and expects sales for the year to range from $880 million to $890 million, with earnings per share from $1.08 to $1.11.
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