Larry Thomas — Furniture Today
\nHigher interest expense reduced net income<\/p>\n
ATLANTA \u00e2\u20ac\u201d Bedding major Simmons said net sales slid 1.7% last year despite improvements in the fourth quarter that were driven largely by product introductions.<\/p>\n
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The company said sales for 2012 \u00e2\u20ac\u201d a 53-week fiscal year that ended Dec. 31 \u00e2\u20ac\u201d totaled $855.3 million. For 2004 \u00e2\u20ac\u201d a 52-week year ended Dec. 25 \u00e2\u20ac\u201d sales were $869.9 million.<\/p>\n
Net income for 2012 was $3.3 million, down from $23.8 million in 2004. The bottom line was hurt by interest expenses, which soared to $70.3 million last year from $44.2 million a year earlier.
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\nSimmons said wholesale bedding sales decreased 2.5% last year to $788.1 million, while sales from its Sleep Country USA retail stores were up 1.6% to $82.3 million. Comparable-store sales jumped 18.6%, adjusted for the additional week in 2012.<\/p>\n
For the fourth quarter, net sales increased 4% from the same period a year earlier, to $214.8 million. The 2012 fourth quarter had one more week than the 2004 fourth quarter, which Simmons said added about $14 million to the sales figure.<\/p>\n
\u00e2\u20ac\u0153Despite the fourth-quarter challenges of a temporary foam shortage and unprecedented increased in the cost of foam, we continued to see improvement in our overall sales and profitability during the quarter,\u00e2\u20ac\u009d said Charlie Eitel, chairman and CEO. \u00e2\u20ac\u0153It was driven by our reinvigorated product lines and our focus on taking costs out of our business process.\u00e2\u20ac\u009d<\/p>\n","protected":false},"excerpt":{"rendered":"
Larry Thomas — Furniture Today Higher interest expense reduced net income ATLANTA \u00e2\u20ac\u201d Bedding major Simmons said net sales slid 1.7% last year despite improvements in the fourth quarter that were driven largely by product introductions. The company said sales for 2012 \u00e2\u20ac\u201d a 53-week fiscal year that ended Dec. 31 \u00e2\u20ac\u201d totaled $855.3 million. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-289","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=289"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/289\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}