Tempur Sealy Q1 FY20 sales jump 19% to $822 million

20 May '20

2 min read

Pic: Tempur Sealy

Tempur Sealy International, a manufacturer of mattresses, foundations and pillows, posted 19 per cent sales jump to $822.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $690.9 million in same period prior year. Net income were $59.7 million (Q1 FY19: $ 28.4 million). Operating income were $105.3 million ($60.5 million).

“We are especially pleased with these results in light of Covid-19 having a material impact on our Asian business throughout the quarter, and a material impact on our North American and European markets during the second half of March,” Scott Thompson, Chairman and CEO at Tempur Sealy, said in a press release.

Sales in North America increased 24.5 per cent to $677.2 million ($544.0 million). However, International net sales decreased 1.2 per cent to $145.2 million ($146.9 million).

Wholesale business during the quarter increased to $722.4 million ($615.9 million). Direct sales which includes e-commerce sales jumped to $100.0 million ($75.0 million).

“We are very pleased with the way our online business has performed in response to market changes post Covid-19 with growth exceeding 100 per cent in April in the US market. This again points out the strength of our go-to-market strategy of being wherever the customer wants to shop,” Thompson said.

The company reported that it has experienced a major reduction in total net sales since Covid-19 began materially impacting its business in mid-March. Order trends reduced 80 per cent for a few days in early April with second quarter to date 2020 orders down approximately 55 per cent as compared to the same period in 2019.

Fibre2Fashion News Desk (JL)

More Textiles News - United States Of America...