Sealy reports higher sales in fourth quarter, lower loss

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Mattress-maker Sealy Corp. reported higher sales and less loss in its fiscal fourth quarter for 2012, the company announced on Wednesday.

Sales for Sealy, based in Trinity, were up nearly $890 million (or 33 percent) to $358.1 million. The increase in net sales attributable to the 53rd week was approximately $37.1 million, which added growth of 13.8% over the prior year quarter.

Gross profit increased by $43.8 million to $141.9 million compared to the same prior year quarter. The increase due to the 53rd week was approximately $14.5 million.

Gross profit margin increased approximately 320 bps to 39.6% of sales compared to 36.4% in the same prior year quarter.

Income from operations increased by $12.3 million to $16.1 million compared to the same prior year quarter.

Net loss from continuing operations attributable to common shareholders was $2.7 million or $0.03 per diluted share, compared to net loss from continuing operations of $14.0 million or $0.14 per diluted share in the prior year quarter.  Excluding the impact of restructuring expense, merger costs and income tax expense on repatriated foreign earnings, our adjusted EPS was $0.04. Please see the attached reconciliation of adjusted EPS.

Adjusted EBITDA increased by $20.1 million to $35.2 million compared to the same prior year quarter. The increase due to the 53rd week was approximately $3.9 million.

“We were pleased with our performance in 2012 as we continued to execute on our strategic initiatives,” stated Larry Rogers, Sealy’s President and Chief Executive Officer.¬† “Strong product offerings in both the specialty and innerspring lines, compelling advertising and continued financial discipline led to these financial results and we are working to ensure these trends continue.”


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