Tempur Sealy International Inc. reported Thursday a 12.7% drop in fourth-quarter sales as demand in the global bedding market continues to slow, though adjusted earnings came in just above analyst expectations.
The Lexington, Ky.-based mattress and bedding company posted a profit of $101.7 million, or 57 cents a share, down from $175.8 million, or 88 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 54 cents a share, two cents above the market consensus, according to FactSet.
Sales declined to $1.19 billion from $1.36 billion last year, falling short of analyst expectations of $1.22 billion.
Shares slid 1% to $40.66 in premarket trading Thursday.