Sales up at Tempur Sealy in Q2 as new products drive North American growth

Kentucky, US – Mattress maker Tempur Sealy’s sales were up 4.8% in the second quarter of 2023, rising from just over $1.2bn in the quarter last year to just under $1.3bn this. Quarterly adjusted net income, however, was down very slightly, from £103m to $102m.

“Our continued market outperformance in the second quarter reflects the momentum we are driving through our execution of our long term initiatives,” said chairman and CEO Scott Thompson. “All three of our leading US brands – Tempur, Sealy and Stearns & Foster – performed well in the quarter, significantly ahead of where we believe the US industry trended.”

There was a slightly larger sales increase in North America, where sales on a constant currency basis were up 5.3%, than in the international business, where the rise was 3.9%. The growth in North America was primarily driven by the success of new product launches at both the Tempur and Stearns & Foster brands.

Despite the slightly lower growth internationally, Thompson said the company was pleased with performance in that part of the business. “The successful Tempur international launch, combined with Dreams’ crisp retail execution, is driving continued share gains worldwide and positioning us well for the future.”

He added that the results this quarter were delivered in markets that were a little less robust than expected. “Our global industry outperformance partially mitigated the negative impact of these headwinds,” Thompson said.

The Mattress Firm acquisition announced in May is still pending, with the company in the process of responding to the Federal Trade Commission’s second requests. It is still expected to close this year.