Lexington, Kentucky – Total sales at Tempur Sealy in the third quarter of 2020 amounted to $1123m. This is an increase of 36.8% on the same period last year.
Earnings up 66% at TempurSealy in Q3
EBITDA across the business rose by 65.6% and reached $121.4m in the third quarter of 2020. This follows an uprated trading forecast issued by the company in mid-September.
'Our results reflect strong industry demand,' said CEO Scott Thompson. 'Our net sales growth rate was reduced by about 10% from customer orders that were either cancelled or reduced due to allocations in the quarter due to supplier issues.'
In North America, sales were up 43% in the quarter and would have been higher, the company said, but for difficulties in sourcing inner spring components.
Looking ahead to the final quarter of the year, the company said it expects low double-digit sales growth.
Thompson added that his company plans to pay regular quarterly dividends in 2021. '[It] is in its strongest financial position in its history as it has a fortified balance sheet in a thinly capitalised industry,' he said. Annually, shareholders can expect 15% of net income as dividends, he added.