Sealy Reports 4Q, Year-end Sales

January 13, 2011  by in UnCategorized   

By Home Furnishings Business in Bedding on January 14, 2011 Sealy Corp. (NYSE: ZZ) reported net sales of $296.6 million for the fourth quarter ended Nov. 28, compared to $295 million in the fourth quarter of last year.

The company reported a net loss for the quarter of $4.5 million, compared to net income of $2.6 million during the same quarter last year.

U.S. sales decreased 3.6 percent to $224.6 million for the fourth quarter of fiscal 2009, while international sales increased 15.2% to $72 million in the quarter.

"The series of strategic actions we implemented in the fourth quarter has enabled us to build an even stronger foundation for future growth and improving financial performance," said Larry Rogers, president and CEO. "During the quarter, we completed the development of the Next Generation Posturepedic line, which we will introduce at the upcoming Las Vegas Market on Jan. 24. We also completed the rollout of the Sealy Branded Promotional line, which exceeded our initial slot goals. In addition, we continued to drive placement of our Embody line. Finally, we reorganized our international business through a divesture of our Europe segment, SAPSA, as well as our Brazilian operations and have transitioned our business in these locations to license arrangements. These transactions will enable us to better focus our resources on the areas with the greatest growth opportunities."

Net sales for the fiscal year ended Nov. 28 were $1.22 billion from $1.17 billion for the prior fiscal year. The company reported a net loss of $13.7 million, compared to net income of $13.5 million in the previous year.

The entire earnings release can be found on the Sealy Web site.