Larry Thomas
\nARCHDALE, N.C. \u00e2\u20ac\u201d Spurred by significant growth in its
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\ninternational and specialty bedding businesses, mattress producer Sealy Corp. said sales in its fourth quarter were 8.4% above the comparable period in 2012.<\/p>\n
International sales, which accounted for just under 30% of Sealy\u00e2\u20ac\u2122s total, leaped 26.1% in the quarter ended Nov. 26, while domestic sales rose 2.8% despite a slight decline in units.<\/p>\n
Additionally, net income increased by over 40%, even though the company had one-time expenses of $5.9 million related to the launch of its new product line.<\/p>\n
Worldwide sales in the quarter totaled $395.3 million, up from $364.6 million for the same period in 2012. Net income for the world\u00e2\u20ac\u2122s largest bedding producer came to $21.5 million, compared with $15.2 million in last year\u00e2\u20ac\u2122s final quarter.<\/p>\n
\u00e2\u20ac\u0153I am pleased with our achievements in 2013, including over 20% growth in our international markets, a near doubling of our specialty business, and an improving trend in domestic unit shipments,\u00e2\u20ac\u009d said Chairman and CEO Dave McIlquham. \u00e2\u20ac\u0153We accomplished this despite a challenging industry and competitive environment during a year in which we also completed the biggest product transition in the company\u00e2\u20ac\u2122s history.\u00e2\u20ac\u009d<\/p>\n
During a conference call with securities analysts, McIlquham said Sealy\u00e2\u20ac\u2122s specialty bedding business has been helped by the recent startup of a latex production plant in Pennsylvania and a recent price cut implemented on portions of its memory foam line.<\/p>\n
He said the company\u00e2\u20ac\u2122s domestic innerspring business remains soft, reflecting an industry trend, and said he doubts the situation will change before the second half of the year. Domestic unit shipments were off 1.6% in the quarter, a much smaller decline than in the previous two quarters, he noted.<\/p>\n
\u00e2\u20ac\u0153We are pleased, although still very cautious, about the positive trends in our domestic unit volume,\u00e2\u20ac\u009d McIlquham said.<\/p>\n
For the year, worldwide sales totaled $1.6 billion, an increase of 7.7% from $1.5 billion in fiscal 2012. Net income for the year totaled $74 million, or 83 cents per share, compared with $68.5 million, or 91 cents per share, the previous year, when Sealy had far fewer shares outstanding.<\/p>\n
The fiscal 2013 results included $28.5 million in expenses for its initial public stock offering, as well as $9.9 million in refinancing costs.<\/p>\n","protected":false},"excerpt":{"rendered":"
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