Global mattress manufacturer Tempur Sealy International has reported a decline in fourth quarter and full year sales but reaffirmed that its performance was the second best results in the company’s history.
According to its latest trading update, total Q4 sales decreased 12.7% to $1.1bn as compared to $1.3bn in the fourth quarter of 2021, with a decrease of 12.2% in the North America business segment and a decrease of 14.3% in the International business segment. Net income decreased 42.2% to $101.7m as compared to $175.8m.
As for the full year performance, sales dipped 0.2% to $4.9bn, with net income down 27% at $455.7m.
Scott Thompson, Chairman and CEO, commented: “Our fourth quarter and full year results are the second best sales and adjusted net income results for like periods in the Company’s history. Although the robust market we experienced in 2021 represented a challenging comparison for 2022, we outperformed the global bedding market, expanding our leading position in the global industry.
“We continued to invest in industry-leading product innovation and advertising spend, expand our manufacturing capacity, drive omni-channel expansion worldwide, and execute on our balanced capital allocation strategy.
“As we enter 2023, we expect success across our brand, product, and omnichannel initiatives to deliver growth on both the top and bottom line as the industry experiences a stable but subdued demand environment.”