Sealy first-quarter sales up 2.2% worldwide, 0.7% in U.S.

Larry Thomas -- Furniture Today, March 28, 2012

ARCHDALE, N.C. — Sealy Inc. said its worldwide sales rose 2.2% in the fiscal first quarter, and the bedding producer reversed a net loss incurred in the same quarter last year.

The company recorded a profit of $1.24 million or 1 cent per share in the quarter ended Feb. 26, compared with a loss of $902,000 or 1 cent per share a year earlier.

Sales totaled $312.3 million, up from $305.5 million in the comparable quarter.

The company said its U.S. sales rose 0.7% to $240.3 million. Excluding third-party sales from its components plants, the wholesale average unit selling price rose 4.3%, but wholesale unit volume was down 4%.

"We delivered positive financial and operational performance in the first quarter of 2012," said Larry Rogers, president and CEO. "Our positive sales, gross margin and adjusted EBITDA performance for the quarter were driven by the success of our Next Generation Stearns & Foster line, which began shipping in the fourth quarter of 2011."

International sales rose 7.7% to $71.9 million. Rogers said the increase was driven by improved results in Canada, Argentina and Mexico.

"As we look forward in 2012, we are focused on driving continued performance of the new Stearns & Foster line at retail, and initiating the rollouts of the new, value priced Sealy promotional line, and the premium priced Optimum by Sealy Posturepedic line," Rogers said. "These two lines were introduced at the January Las Vegas Market and will begin shipping in the second quarter of 2012."