Sealy Continues to Sag
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Sealy, as reported by Forbes Magazine, has not been doing very well at the beginning of the year, and its earnings has continued to dip in the third quarter.
After Thursday’s closing bell, the mattress company released disappointing third-quarter earnings. While the Street consensus estimated earnings per share of 32 cents, Sealy reported EPS of only 22 cents per share. The mattress company earned $21.5 million in the quarter ended Aug. 26, down $7.9 million from the comparable period of 2006.
Some might be quick to blame the soft housing market for Sealy’s disappointing earnings, but April Scee of Banc of America Securities noted that while “existing home sales have shown a strong correlation with industry mattress unit sales,” recent data indicates otherwise. “Our recent checks indicate mattress unit sales may not have followed existing home sales recently. Our surveys indicate mattress sales picked up in the summer, likely driven by the lapping of the current slowdown, replacement purchases, as well as promotions and price roll-backs.”
Its lead in the industry is now rivaled and may soon be overthrown by Tempur-pedic, according to the report.
Via Forbes
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