Tempur Sealy International, a leading mattress and bedding company, has announced a decline in profit for the fourth quarter. The company continues to face challenges with soft demand in the bedding category and anticipates further pressure on its profits in the first quarter.
In the fourth quarter, Tempur Sealy reported a net profit of $77.1 million, or 43 cents per share, compared to $101.7 million, or 57 cents per share, in the same period the previous year. After removing one-time items, the company’s earnings per share stood at 53 cents, meeting analysts’ expectations.
Sales for the quarter decreased by 1.4% to $1.17 billion, slightly below the projected $1.18 billion. The company experienced a 4% decline in sales in North America, primarily due to challenges faced by their wholesale division.
Looking ahead to the first quarter, Tempur Sealy expects adjusted earnings per share to range between 45 and 50 cents, with an emphasis on year-on-year growth in subsequent quarters.
Chief Executive Scott Thompson remains optimistic about the company’s future, stating that Tempur Sealy is well-positioned to achieve significant sales growth once the bedding category regains momentum.
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