Somnigroup International, the mattress manufacturer and retailer formerly known as Tempur Sealy, said fourth-quarter sales rose 3.2% to $1.208 billion, due largely to a double-digit jump in sales outside of North America.
The company said international sales were up a “robust” 14.1% to $313.8 million, while North American sales slipped 0.1% to $894.1 million amid continuing weak consumer demand.
The latest numbers do not include data from Mattress Firm. Somnigroup’s $5 billion acquisition of the retailer closed on Feb. 5, and the corporate name change took effect Feb. 18.
Fourth-quarter operating income was up 4.7% to $127.6 million, but net income fell 6.7% to $71.9 million, or 40 cents per share. Adjusted earnings per share, which don’t include a variety of one-time charges, rose 13.2% to 60 cents per share.
“We are pleased to report another strong quarter with market leading sales growth and double-digit adjusted EPS growth,” said Scott Thompson, chairman and CEO. “Our 2024 results reflective of the strong fundamentals of our business model as we delivered record sales and gross margins while the industry is experiencing tough volumes.”
For the 2024 calendar year, companywide sales totaled $4.931 billion, up 0.1% from $4.925 billion in 2023. Net income totaled $384.3 million or $2.16 per share. That’s up
4.4% from $368.1 million or $2.08 per share in 2023.
North American sales totaled $3.789 billion in 2024, down 0.2% from 2023. International sales rose 6.7% to $1.142 billion in 2024.
The company didn’t make a sales forecast for 2025, but said adjusted earnings per share should be $2.60 to $3. At the mid-point of that range, it would represent a 10% increase from 2024.
“We have seen our markets performing below their historical trend line of growth and, despite this, our execution has led to adjusted earnings per share growth,” said Thompson. “We believe 2025 will benefit from continued execution and the Mattress Firm transaction.
“Looking beyond this year, we are planning for markets to return to growth, while simultaneously realizing incremental benefits from the Mattress Firm transaction and continued industry leading execution. We are internally targeting sales to grow at a compound annual rate of mid-single digits starting in 2026.”
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