Missouri, US – First quarter sales at mattress maker Leggett & Platt were down 8% on the 2022 quarter, at $1.21bn. This was on the back of a decline in volume of 7%, primarily as a result of soft demand in its residential end markets. EBIT fell by 35% to $89m.
In its bedding products business, trade sales were down 17%, and volume down by 9%. Decreases in raw material-related selling prices reduced sales by 7%, and currency effects by a further 1%.
Its guidance for the full year remains unchanged, with sales projected to be in the range $4.8-5.2bn. It expects volumes to be down by low single digits in its bedding products business. Acquisitions completed last year are expected to add about 3% to sales.
“We delivered first quarter results that were above our expectations but lower than our record first quarter results last year,” said Mitch Dolloff, the company’s president and CEO. “Operating results were largely in line with our expectations, but several expenses were lower than expected in the first quarter. Given continued demand volatility, our full year guidance range remains unchanged.”