Global mattress manufacturing and retail group Somnigroup International, formerly known as Tempur Sealy International, Inc., has reported a growth in fourth sales while income slightly decreased.
According to its latest trading update for Q4 ended 31 December 2024, total sale rose 3.2% to $1.2bn from $1.1bn against the same period in 2023.
North America net sales were consistent at $894.1m as compared to $895.4m in the fourth quarter of 2023, primarily driven by continued macroeconomic pressure impacting US consumer behaviour.
International net sales increased a robust 14.1% to $313.8m as compared to $275.1m, primarily driven by the success of new product launches.
Gross margin was 43.3% as compared to 43.8%, while net income decreased 6.7% to $71.9m as compared to $77.1m in the fourth quarter of 2023.
As for the full year, total sales rose 0.1% to $4.93bn from $4.92bn, with net income up 4.4% to $384.3m from $368.1m.
Company Chairman and CEO Scott Thompson commented: “We are pleased to report another strong quarter with market leading sales growth and double digit adjusted EPS growth. Our 2024 results are reflective of the strong fundamentals of our business model as we delivered record sales and gross margins while the industry is experiencing trough volumes.”
“On February 5, 2025, we completed the acquisition of Mattress Firm, the nation’s largest mattress specialty retailer. This is a significant milestone – with the acquisition of Mattress Firm we are now clearly the world’s largest bedding company, with superior capabilities in design, manufacturing, distribution and retail, and a portfolio of the most highly recognized brands in the industry.”
