From Home Furnishing Business
Tempur Sealy Net Sales Decrease in Q1
Total net sales decreased 2.5 percent to $721 million from $739.5 million in the first quarter of 2015. Gross margin under U.S. generally accepted accounting principles (GAAP) was 40.4 percent as compared to 37.7 percent in the first quarter of 2015. Adjusted gross margin was 40.4 percent as compared to 38.5 percent in the first quarter of 2015.
Earnings before interest, tax, depreciation and amortization (EBITDA) increased 34.4 percent to $102 million as compared to $75.9 million for the first quarter of 2015.
“We are very pleased with our results as we grew adjusted EBITDA 15 percent and adjusted EPS 24 percent while increasing direct advertising and marketing investments, and launching new industry leading products worldwide,” said Scott Thompson, chairman and CEO of Tempur Sealy International. “Overall, plant operations improved and adjusted operating margin expanded 200 basis points. The team is focused on continuing to improve operations, and we are all striving to achieve our targets.”
Temper Sealy International is a bedding provider that develops, manufactures and markets mattresses, foundations, pillows and other products. The company’s brand portfolio includes TEMPUR, Tempur-Pedic, Sealy, Sealy Posturepedic and Stearns & Foster.