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From Home Furnishing Business
Tempur Sealy Announces Financial Results for Second Quarter ‘23
August 3,
2023 by HFBusiness Staff in Business Strategy, Industry 
SECOND QUARTER 2023 FINANCIAL SUMMARY
~ Total net sales increased 4.8% to $1,269.7 million as compared to $1,211.0 million in the second quarter of 2022. On a constant currency basis, total net sales increased 5.0%, with an increase of 5.3% in the North America business segment and an increase of 3.9% in the International business segment.
~ Gross margin was 42.7% as compared to 41.0% in the second quarter of 2022. Adjusted gross margin(1) was 42.9% as compared to 41.7% in the second quarter of 2022.
~ Operating income increased 10.4% to $158.8 million as compared to $143.9 million in the second quarter of 2022. Adjusted operating income(1) was $171.8 million as compared to $159.9 million in the second quarter of 2022.
~ Net income increased 2.0% to $92.4 million as compared to $90.6 million in the second quarter of 2022. Adjusted net income(1) was $102.0 million as compared to $103.2 million in the second quarter of 2022.
~ Earnings per diluted share ("EPS") increased 2.0% to $0.52 as compared to $0.51 in the second quarter of 2022. Adjusted EPS(1) was $0.58 in the second quarter of 2023 and 2022.
Company Chairman and CEO Scott Thompson commented, "Our continued market outperformance in the second quarter reflects the momentum we are driving through our execution of our long term initiatives.”
“All three of our leading U.S. brands - Tempur, Sealy and Stearns & Foster - performed well in the quarter, significantly ahead of where we believe the U.S. industry trended. We were also pleased with the second quarter performance of our International business.”
“The successful Tempur international launch, combined with Dreams' crisp retail execution, is driving continued share gains worldwide and positioning us well for the future. This quarter's results were delivered in markets that were a bit less robust than we expected.”
“Our global industry outperformance partially mitigated the negative impact of these headwinds. While we look forward to a recovering market, this challenged environment has allowed us to demonstrate the strength of our global business model as we realized solid earnings and strong operating cash flows.”
"Regarding the pending Mattress Firm acquisition, we are currently responding to the Federal Trade Commission's second request. Mattress Firm's recent quarterly results, which it reported yesterday, were consistent with our expectations. We continue to expect to close the transaction in 2024 and look forward to bringing the Mattress Firm team onboard."