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Tempur Sealy reports sales of $665 mn in Q2 FY20

Jul '20
Pic: Tempur Sealy
Pic: Tempur Sealy
Tempur Sealy International, a US-based manufacturer of mattresses, foundations and pillows, posted 8 per cent sales decline to $665.2 million in its second quarter (Q2) fiscal 2020 ended on June 30, 2020 compared to sales of $722.8 million in same period last year. Net income attributable to the company were $23.0 million (Q2 FY20: $41.6 million).
“It was definitely a quarter of lows and highs, ending clearly on a high note for the industry and our business. Sales trends through the quarter accelerated each month and have continued to accelerate into July unabated. We believe the category is benefiting from a shift in consumer spend of discretionary dollars into the home category in which our products and brands are well-aligned to meet those consumer needs,” Scott Thompson, chairman and CEO at Tempur Sealy, said in a press release.
Gross profit during Q2 FY20 fell 15.2 per cent to $265.9 million ($313.4 million). Operating income dropped 34.1 per cent to $53.4 million ($81.0 million).
Sales in North America decreased 3.0 per cent to $570.5 million ($588.1 million). Whereas, international net sales slipped 29.7 per cent to $94.7 million ($134.7 million).
“We are currently experiencing tremendous order volume in the US that is broad-based with growth across both Tempur and Sealy brands. In fact, our sales have been constrained by our Sealy manufacturing capacity and our suppliers' capacity to meet this increased demand,” Thompson said. “While a level of uncertainty remains, we expect the industry tailwinds and our sales momentum to continue."

Fibre2Fashion News Desk (JL)

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