Last week, Tempur Sealy International announced its Q3 financial results, sought to pause the FTC’s block of its Mattress Firm acquisition and was ranked No. 1 in customer satisfaction by J.D. Power.
All three of those happenings are reasons for the company to celebrate. And the numbers don’t lie.
Total net sales increased $1.3 billion with a notable increase of 12.4% in the international business segment. Gross margin was 45.4% and operating income increased 10.2% to $2.8 billion. Net income also increased 14.7% to $130 million.
“We are pleased with our performance in the third quarter. Our global market outperformance, led by double-digit growth in our international segment, resulted in consolidated sales growth year over year despite the global bedding industry continuing to perform significantly below historical trends,” Chairman and CEO Scott Thompson says.
He didn’t specifically address the progress of the acquisition of Mattress Firm, as he usually does. Though the company made news about that elsewhere as it asked a federal judge in Texas to issue a preliminary injunction to halt a Federal Trade Commission court proceeding, which is set to start Tuesday.
It is asking the judge to call off the separate administrative proceedings in addition to a federal court proceeding because the move would offer “the FTC two shots at us by using two different courts,” Thompson said during an earnings call.
Not much more was said or released about this, but some believe the judge will side with TSI and strike down the FTC’s proceeding. Another factor that adds to that possibility is the Federal Trade Commission Chair Lina Khan. Her progressive stance on big corporations has made her a target for House Republicans, among others.
TSI ended the week with lighter news that it was recognized by J.D. Power for the fifth year in a row for customer satisfaction with mattresses purchased in-store. For the fourth year in a row, they also won customer satisfaction for online purchases.
Some view these awards as meaningless, but there’s no denying the name Tempur Sealy is still widely known by the average consumer — even newer and younger shoppers. This is a company that knows exactly what it’s doing.
