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US bedding maker Tempur Sealy sales leap 20% in July-Sept quarter

02
Nov '21

Pic: Tempur Sealy

Tempur Sealy, a US-based manufacturer of mattresses, foundations and pillows, has posted a 20.0 per cent sales growth to $1,358.3 million in the third quarter (Q3) of FY21 ended on September 30, 2021, against sales of $1,132.3 million in the same period of prior fiscal. The company's net income expanded 46.1 per cent to $177.4 million (Q3 FY20: $121.4 million) during the quarter.

“Our strong third quarter sales performance was driven by growth across all brands, products, channels and segments. Our broad-based performance is especially notable given the strong prior year comparative period and our inability to fully meet market demand in the quarter due to continued supply chain constraints,” Scott Thompson, chairman and CEO at Tempur Sealy, said in a press release.

By region, sales in North America grew by 12.6 per cent to $1,120.0 million ($994.7 million), while international sales accelerated by 73.2 per cent to $238.3 million ($137.6 million).

For the year 2021, Tempur Sealy has updated its financial guidance and expects sales growth to exceed 35 per cent over 2020.

“We continue to see opportunity to further grow our business and extend our lead in the design, manufacture and distribution of bedding products over the long term. Our key building blocks to future growth include the meaningful expansion of our total global addressable market via our OEM initiative and our Tempur international product launch, our industry-leading innovation capabilities and our balanced capital allocation philosophy,” Thompson added.

Fibre2Fashion News Desk (JL)

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