Tempur-Pedic sales surge 32% as earnings jump 66%
Company's gross margin also improves
Larry Thomas -- Furniture Today, October 20, 2010
LEXINGTON, Ky. — Bedding major Tempur-Pedic said third-quarter sales leaped 32% and net income increased 66.3% as the company continued to gain market share and improve its gross margins.
Worldwide sales for the three months ended Sept. 30 were $295.8 million, compared with $224.1 million in the same quarter last year.
Net income was $44.2 million or 62 cents per share. In last year's third quarter, it was $25.7 million or 34 cents per share.
North American mattress sales, the company's largest business segment, totaled $150.9 million, an increase of 46.4% from the same quarter last year.
"We are pleased with the market share gains and the sales and earnings growth we have achieved in the third quarter," said Mark Sarvary, CEO. Throughout 2010 we have grown sales and profit while improving our competitive position, strengthening our product line, improving the effectiveness of our marketing and increasing our margins."
The quarter's gross margin was 51%, up from 47.6% in last year's third quarter.
For the nine months ended Sept. 30, sales were $812.7 million, up 38.6% from the first nine months of last year.
Nine-month net income was $110.9 million, or $1.51 per share. That was nearly double the figures recorded in the same period last year, when Tempur-Pedic made $55.9 million, or 74 cents per share.
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Tempur-Pedic profits climb 40.2% in third quarter
Oct 21, 2011
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