LEXINGTON, Ky.–Tempur-Pedic reported net income for the second quarter at $16.9 million, down 16.7 percent from the second quarter of 2008.
Much of the falloff occurred because of a decrease of 22 percent in net sales in the quarter, which totaled $185.2 million. Tempur-Pedic was able to slim down operating expenses by 18 percent in the quarter, and benefited from lower commodity costs, improved manufacturing efficiencies and increased pricing.
“Our productivity projects helped us expand gross margins with improvement compared to last year and last quarter,” said Mark Sarvary, chief executive officer.
Tempur-Pedic said its global mattress sales declined 24 percent, including a 20 percent drop in U.S. sales and a 31 percent decrease in its international segment. Global pillow sales fell 17 percent, including a 12 percent decline in U.S. sales and a 20 percent falloff through the rest of the world.
The company also said it continues to expect sales for all of 2009 to range between $700 million and $740 million.