Tempur-Pedic 2Q Sales up 42%

July 20, 2010  by in UnCategorized   

By Home Furnishings Business in Bedding on July 21, 2010

Mattress manufacturer Tempur-Pedic, Lexington, Ky., (NYSE: TPX), reported second-quarter 2010 net sales rose 42 percent to $263 million, compared to the prior year.

The company almost doubled second-quarter net income this year with $33.5 million, compared with $16.9 million in the second quarter of 2009.

Chief Executive Officer Mark Sarvary commented, "We are very pleased with the continued substantial growth in our North American business and we are also pleased with the improved performance of our international business, particularly on a local currency basis," said CEO Mark Sarvary. "Our focus on improving gross margins and operating costs continues to be effective. Although the macroeconomic environment is still uncertain we remain confident of the potential to significantly grow sales and earnings over the coming years. We will continue to invest in initiatives that will drive growth over the long term."

Tempur-Pedic also increased its full-year 2010 guidance for net sales and earnings per share. It currently expects net sales for 2010 to range from $1.06 billion to $1.10 billion; and earnings per share to range from $1.85 to $2 per diluted share.