International uncertainty is softening sales, mattress maker says
By Alan Wolf, YSN
Despite a solid 15-percent spike in projected first-quarter sales, bedding behemoth Tempur Sealy said world events including the war in Ukraine and off-shore COVID outbreaks have trimmed the company’s initial forecasts.
In a “Market Update” released last week, CEO Scott Thompson said “recent geopolitical events, falling consumer confidence, and new COVID variant outbreaks” overseas contributed to slimmer-than-expected sales following a strong Presidents’ Day period.
That said, Tempur will nonetheless post double-digit sales gains for the three months ended March 31, Thompson advised, representing the 10th out of the last 11quarters that the vendor has achieved such rapid growth.
Thompson added that while the company remains committed to investing in marketing, operations and new product introductions to support its long-term growth, it will delay the rollout of its new international Tempur line for one year in response to the “geopolitical uncertainty permeating the European market.”
Tempur is scheduled to announce its Q1 results on April 28.