Sealy Posts 1Q Loss

March 29, 2011  by in UnCategorized   

By Home Furnishings Business in Bedding on March 30, 2011 Bedding supplier Sealy (NYSE: ZZ) reported a net loss for the first quarter ended Feb. 27 of $902,000 compared to net income in the first quarter of last year of $5.7 million.

Net sales for the quarter were $305.5 million, a 2 percent decrease compared to net sales of $311.9 million during the same quarter last year.

"Our first quarter results were consistent with the expectations and objectives that we established as we entered the year, with overall revenues in-line with our Q1 internal plan," said Larry Rogers, president and CEO. "In addition, the first quarter results reflected the financial impact of the significant strategic investments in our product portfolio, as we launched the Next Generation Posturepedic line in late January 2011."

Total U.S. net sales decreased 3.1 percent to $238.7 million from the first quarter of fiscal 2010. Wholesale unit volume decreased 1.3 percent, while wholesale average unit selling price decreased 1.9 percent on a year-over-year basis.

International net sales increased $1.3 million, or 1.9 percent, from the first quarter of fiscal 2010 to $66.8 million.

Read the company's complete Form 8-K online.