Lexington, Kentucky -- Tempur-Pedic International Inc. a US-based maker of premium mattresses and pillows worldwide, says net income was $56.2 million for the first quarter of 2012 as compared to net income of $48.3 million in the first quarter of 2011. First quarter net income had a net benefit of $2 million from the resolution of foreign tax matters.
Net sales increased 18 percent to $384.4 million in Q1 2012 from $325.8 million in Q1 2011. On a constant currency basis, net sales increased 19 percent. Net sales in North America increased 17 percent and international sales increased 19 percent. On a constant currency basis, international segment net sales increased 22 percent.
Mattress sales increased 18 percent globally and by 15 percent in North America and 26 percent internationally. On a constant currency basis, international mattress sales increased 29 percent. Pillow sales increased 20 percent globally-- 22 percent in North America and 17 percent internationally. On a constant currency basis, international pillow sales increased 19 percent.
In a statement, chief executive officer Mark Sarvary commented, "In the first quarter we delivered solid financial performance, enhanced our product range with the introduction of Tempur Simplicity and increased our investment in advertising by 37 percent to $47 million. We are excited about the rollout of our new dealer programs beginning in the second quarter."