From Home Furnishing Business
Tempur Sealy Reports 2Q Loss of $1.6M
Merged bedding giant Tempur Sealy International has reported a net loss of $1.6 million for the second quarter ended June 30, a 105.5 percent decline from the net income of $29.1 million posted in the second quarter last year.
Net sales for the quarter increased 100.5 percent to $660.6 million compared to net sales of $329.5 million during the same quarter last year.
Net income for the first half of the year was $10.9 million, an 87.2 percent decline from net income of $85.3 million during the first half of last year. Sales for the first six months of the year were $1.05 billion, a 47 percent increase from last year's first-half sales of $713.9 million.
In the release, the company lowered its guidance for 2013.
"The steps we have taken to return Tempur North America to growth are appropriate, but are taking longer than expected," said Mark Sarvary , CEO. "As a result we are lowering our financial outlook for the full year. We are pleased with the performance of the rest of our portfolio. Both Sealy and Tempur International net sales were in line with our projections for the second quarter. The integration with Sealy continues to progress well, cost synergies are being realized ahead of plan, and we are more confident than ever that the combination provides significant competitive advantage."
The complete release can be found online.