Missouri, US – Mattress maker Leggett & Platt has reported a 7% decrease in sales in 2024, falling to $4.38bn from the previous year’s $4.73bn. EBIT showed a loss of $430m, a significant decline from the $90m loss posted the previous year. On an adjusted basis, while in positive territory, the $267m reported represented a drop of $67m from the 2023 figure. There were non-cash goodwill impairment charges of $676m, somewhat higher than the $444m long-lived asset impairment in 2023.
Sales and earnings were both impacted by the continued weak demand in residential end markets, the company said. Volume was down by 4%, and there was a 3% hit on sales from raw material-related price cuts. The expected exit of a customer in specialty foam also had an impact.
In the fourth quarter, the rate of decline in sales was slightly lower at 5%, dropping to $1.06bn from $1.12bn in the same quarter of 2023. Raw material-related selling price decreases and currency effects reduced sales by 1%. Positive EBIT for the quarter of $44m represented a significant turnaround from the loss of $367m made in the same quarter in 2023.
In its bedding products division, trade sales were down 11% for the full year, with volume down 6%. In the fourth quarter, trade sales were down 6%, with volume falling by 3%. Demand softness in both US and European bedding markets had an impact.
