Home / Knowledge / News / Textiles / Tempur Sealy posts 8.2% hike in Q2 sales
Tempur Sealy posts 8.2% hike in Q2 sales
25
Jul '14
Tempur Sealy International, Inc., the world's largest bedding provider, announced financial results for the second quarter ending June 30, 2014. The Company updated financial guidance for 2014.
 
Second Quarter Financial Summary:
Earnings per diluted share ("EPS") under U.S. generally accepted accounting principles ("GAAP") in the second quarter of 2014 were $(0.04) compared to GAAP EPS of $(0.03) in the second quarter of 2013. 
 
The 2014 results reflect a $20.4 million loss on disposal of the Company's three U.S. innerspring component production facilities and $5.2 million of integration costs related to the acquisition of Sealy Corporation ("Sealy").
 
The 2013 results reflect $11.9 million of transaction and integration costs and a $4.5 million purchase price allocation ("PPA") inventory adjustment related to the Sealy acquisition as well as $8.7 million of costs related to the Company's refinancing of a portion of its senior secured credit facility. 
 
Adjusted EPS were $0.39 in the second quarter of 2014 as compared to adjusted EPS of $0.36 in the second quarter of 2013. 
 
GAAP net loss in the second quarter of 2014 was $2.2 million as compared to a GAAP net loss of $1.6 million for the second quarter of 2013. The Company reported adjusted net income of $24.0 million for the second quarter of 2014 as compared to adjusted net income of $22.3 million for the second quarter of 2013. 
 
Total net sales increased 8.2% to $715.0 million in the second quarter of 2014 from $660.6 million in the second quarter of 2013. The net sales increase was driven by higher sales in each of the Company's three business segments. 
 
Gross profit margin was 37.5% as compared to 38.6% in the second quarter of 2013. The gross profit margin decreased primarily as a result of product and channel mix and unfavorable changes in foreign exchange rates, offset partially by a PPA inventory adjustment related to the Sealy acquisition recorded in the second quarter of 2013. 
 
Operating income was $50.3 million as compared to $44.0 million in the second quarter of 2013. Operating income in the second quarter of 2014 included $5.2 million of integration costs and in the second quarter of 2013 included $11.9 million of transaction and integration costs related to the Sealy acquisition. 
 
EBITDA for the second quarter of 2014 was $52.1 million as compared to $67.8 million for the second quarter of 2013. Adjusted EBITDA (which is a non-GAAP measure) for the second quarter of 2014 was $77.7 million as compared to $84.2 million for the second quarter of 2013. 
 

Tempur Sealy


Must ReadView All

India’s e-commerce policy framework in 6 months: official

Apparel/Garments | On 26th Apr 2018

India’s e-commerce policy framework in 6 months: official

In the next six months, India will come out with a framework for a...

MSME secretary Arun Kumar Panda presenting 'friend of India' plaque to a delegate from Malawi at the first International SME Convention. Courtesy: PIB

Apparel/Garments | On 26th Apr 2018

India to set up Digital Trade Desk for SME collaboration

India’s ministry of micro, small and medium enterprises (MSMEs) has...

Courtesy: Kai Pilger from Pexels

Apparel/Garments | On 26th Apr 2018

FOBAP in the Philippines trying for garments sector revival

The Foreign Buyers Association of the Philippines (FOBAP), a body...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search