Headline News

Sealy Net Jumps 10 Percent in Third Quarter

TRINITY, N.C.–Net income for Sealy reached $12.1 million in the third quarter, 10.2 percent ahead of the third quarter of 2008.

The nation’s largest mattress manufacturer accomplished this in the face of a 14 percent drop in sales, which finished the quarter at $349.6 million. The company slashed 17 percent off its third-quarter selling, general and administrative expenses, and benefited from a 15.5 percent reduction in cost of goods sold.

In a Sealy statement, Larry Rogers, president and chief executive officer, said the stronger bottom line resulted from the company’s strategy “to grow profitable market share.”

Rogers said Sealy has been on course with its rollout of the new Stearns & Foster line and is improving gross margins, reducing its operating-cost structure and maximizing its financial flexibility. “Efforts like this are enabling us to begin to realize improvements in our operations and positioning us to benefit more when the economy improves,” he said.

---