Sealy reports higher sales in fourth quarter, lower loss
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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