Global mattress giant Tempur Sealy International has announced a record second quarter in sales to $804m, with operating income growth up to 93%.
According to its results for Q2 ended 30 June 2016, total net sales increased by 5.2% in comparison to the same period last year, as its gross margin grew to 41.9%, up by +3% on 2015.
North America net sales increased 6% to $668.2m from $630.3, while International net sales increased 1.6% to $136.2m. Adjusted EBITDA grew by 38.1% to $124.7m from $90.3m, highlighting a third consecutive quarter-to-quarter growth.
During Q2 Tempur Sealy repurchased 2.1m shares of its common stock for a total of $122m. As of 30 June 2016, the Company had $178m available under its existing share repurchase authorisation.
Tempur Sealy also announced that its Board of Directors authorised an additional $200m to its existing share repurchase authorisation.
Scott Thompson, Tempur Sealy International, Inc. chairman and CEO, said: "The Company had an excellent quarter. We are gaining traction toward the goals we have set. Adjusted EBITDA and gross margins have increased for the third consecutive quarter, adjusted EPS is up 74%.
“We are improving operating leverage, continuing to invest heavily in our brands, expanding distribution, and successfully servicing our retailers and direct customers.
“By continuing to strengthen our iconic brands, drive higher ROIC and enhance our competitive cost position, we are positioning the Company well to deliver for our investors and other stakeholders for years to come."