Tempur-Pedic nearly doubles quarterly earnings

By Scott Sloan

Driven by a more than 40 percent increase in sales, Lexington-based mattress-maker Tempur-Pedic International announced Tuesday it nearly doubled its second-quarter earnings compared with a year earlier.

The company said its sales increased 42 percent to $263 million in the quarter, up from $185.2 million in the same period a year ago. An increase in the sales of mattresses drove that growth, as the product category saw jumps of 44 percent globally. Mattress sales growth was stronger in North America, where they increased 58 percent compared with 15 percent internationally.

Sales of pillows increased 16 percent globally with a 27 percent jump in North America and 7 percent internationally, according to a company statement.

The company earned $33.5 million in the quarter, almost double its $16.9 million in earnings a year ago. Earnings per share were 46 cents in the quarter, up from 22 cents a year ago.

"We are very pleased with the continued substantial growth in our North American business..." said CEO Mark Sarvary in a statement. Sarvary added that while the economy "is still uncertain, we remain confident of the potential to significantly grow sales and earnings over the coming years"