Global bedding giant (and owner of Dreams) Tempur Sealy International has shared its financial results from Q2 (ended 30th June 2024), highlighting a reduction in consolidated sales of -3%.
Total net sales decreased by -2.8% YoY to $1233.6m. However, international net sales increased +0.9% YoY to $255.2m.
Chairman and CEO Scott Thompson comments: "We are pleased to see our global market outperformance mitigate the impact of softer-than-anticipated industry volumes. Despite an estimated mid-single-digit industry decline over the quarter, more than our anticipated low-single-digit decline for the period, our sales were only slightly below internal expectations. Our strong gross margin performance and solid cost controls resulted in healthy earnings growth in the second quarter.
"I am pleased to share that we recently executed a new post-closing supply agreement with one of Mattress Firm's medium -size mattress suppliers," he adds. "This is one of several post-closing supply agreements we have executed in preparation for our planned acquisition of Mattress Firm, and is consistent with our plan for Mattress Firm to continue as a multi-branded retailer.
"Regarding the FTC's challenge of the Mattress Firm acquisition, we are confident in the pro-competitive rationale for this transaction and look forward to presenting the facts of our case. We believe that a successful litigation process can be completed in the coming months, which would allow us to close the transaction in late 2024 or early 2025."
