Global mattress manufacturer Tempur Sealy International, Inc. has reported a growth in third quarter sales and profit.
According to its latest results for the third quarter ended 30 September 2024, total sales rose 1.8% to $1.3bn from $1.2bn.
North America net sales decreased 0.8% to $1bn, primarily driven by continued macroeconomic pressures impacting US consumer behaviour, while International sales increased 12.4% to $284.7m, primarily driven by the success of new product launches.
Net income rose 14.7% to $130m from $113.3m, while gross margin increased to 45.4% from 44.9%.
Company Chairman and CEO Scott Thompson commented: “We are pleased with our performance in the third quarter. Our global market outperformance, led by double-digit growth in our international segment, resulted in consolidated sales growth year-over-year despite the global bedding industry continuing to perform significantly below historical trends.
“Sales growth coupled with our operational efficiency initiatives and diverse business platform resulted in solid growth in both adjusted EBITDA and adjusted EPS. We continue to see our investments in product, people, and advertising as foundational to our long-term success.”
