Tempur-Pedic's mattress sales grow 40 percent in Q2
22 Jul '05
4 min read
Swedish mattresses & neck pillows maker Tempur-Pedic International Inc announced net sales and earnings for the second quarter ended June 30, 2005.
Second Quarter 2005 Highlights
- Pro forma net income rose 38 percent to $25.5 million, or $0.25 per diluted share, from $18.4 million, or $0.18 per diluted share, in the second quarter of 2004. The Company reported net income under GAAP of $24.8 million, or $0.24 per diluted share, compared to $16.9 million, or $0.16 per diluted share, in the second quarter of 2004, an increase in net income of 47 percent.
- Net sales rose 27 percent to $192.6 million from $151.6 million in the second quarter of 2004.
- Operating margin increased to 23.2 percent from 21.8 percent in the second quarter of 2004.
- The Company's retail channel continued its strong growth, with net sales rising 35 percent worldwide. Sales in the U.S. retail channel were especially strong, increasing 42 percent.
- Worldwide, mattress net sales increased 40 percent on unit growth of 27 percent.
Chief Executive Officer Robert B. Trussell, Jr. commented, "Tempur-Pedic International delivered excellent second quarter results and strong growth in what is seasonally a slower period for the retail furniture industry. Company results were fueled by the ongoing expansion of our retail channel and sales of our premium mattresses, reflecting consumers' growing awareness of the comfort and sleeps benefits our products offer. They continue to see the key elements of Tempur-Pedic's strategy - their superior products, unique marketing model and growing distribution - play a decisive role in the Company's impressive performance. By executing on our strategy, they believe Tempur-Pedic can deliver sustained growth and capitalize on the extraordinary market opportunity they have identified in the premium bedding category."
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