Lexington, Kentucky -- Tempur Sealy International Inc reported a net loss of $1.6m in the second quarter of 2013, compared with the same period in 2012.
The company reported adjusted net income of $22.3m down form $29.1m in the second quarter of 2012. The quarter included sales from the Sealy purchase in March 2013. Sales were up 100.5% at $660m in the second quarter of 2013, compared with $330m in the 2012 period.
Operating income was $44m or 6.7% of net sales compared to $47.5m in the 2012 quarter.
Gross profit margin fell from 50.7% to 38.6% from second quarter 2012 to second quarter 2013.This is because Sealy has lower margins than Tempur North America and Tempur International. Tempur Sealy said it has been working to improve profitability in the Sealy segment with manufacturing and distribution efficiencies and lower sourcing costs.
In North America sales fell by 4.9% to $215.5m in the second quarter from $226.6m in the same period in 2012. International sales fell by 2.3% to $100.5m from $102.9m in the second quarter of 2012.
These factors and some financial charges led Tempur Sealy to lower its financial guidance for 2013.
