Lexington, Kentucky - Mattress and pillow maker Tempur-Pedic International Inc. has reported sales of $224.1 million in the third quarter of 2009 (Q3), down 11 percent from the same period last year.
Tempur Pedic, which manufactures memory-foam polyurethane-based products, reported net sales in domestic and international segments down 12 and 10 percent respectively, compared to Q3 2008. Globally, mattress sales fell 14 percent to $149 810 while pillow sales fell 9 percent to $28 386, compared to the same period last year, the company said 15 Oct.
Gross profit margin was 47.6 percent compared to 41.7 percent in 2008, as a result of "improved efficiencies in manufacturing, lower commodity costs, and improved pricing," the statement said.
Total debt was reduced by $54 million to $315 million, the company added.
"Our strategic initiatives continued to generate improved results during the third quarter," said Tempur-Pedic ceo, Mark Sarvary. "While the macro environment remains challenging, our sales have grown and our margins have improved," he said, adding, "our recent product introductions and our new advertising campaign combined with continued productivity improvements will allow us to build on this performance as we move into 2010." (RD)