Tempur Sealy: Money Under The Mattress
Wed, Sep. 28, 2:16 PM
- A sales and profit warning from Tempur Sealy International (TPX -24.5%) isn't going unnoticed in the home furnishings and furniture sectors.
- There are concerns that the weakness at Tempur isn't isolated amid uneven consumer spending trends.
- Previously: Tempur Sealy plunges on profit and revenue warning (Sept. 27)
- Decliners include Select Comfort (SCSS -8.3%), La-Z-Boy (LZB -3.8%), Hooker Furniture (HOFT -3.3%), Ethan Allen (ETH -4.1%), Bassett Furniture Industries (BSET -2.1%), and Leggett & Platt (LEG -4.6%).
Wed, Sep. 28, 12:48 PM
Wed, Sep. 28, 12:01 PM
Wed, Sep. 28, 9:21 AM
Tue, Sep. 27, 5:35 PM
Tue, Sep. 27, 4:17 PM
- The company expects full-year adjusted EBITDA of $500M-$525M, down 5% at the midpoint from previous guidance. Net sales are seen as down 1-3% Y/Y.
- Full results are due on Oct. 27.
- CEO Scott Thompson: "While our net sales are below expectations, our operational initiatives are going well and are continuing to drive considerable margin expansion."
- TPX -19.4% after hours
Mon, Aug. 8, 11:34 AM
- Shares of Tempur Sealy (NYSE:TPX) are up 1.2% on significant volume after Mattress Firm attracts a hefty takeover offer.
- The bedding stocks trades on the higher end of its 52-week range of $50.80 and $82.61, despite the elevated amount of interest from short sellers.
- Previously: New 52-week high for Select Comfort (Aug. 8)
- Previously: Steinhoff gets in bed with Mattress Firm (Aug. 8)
Thu, Jul. 28, 12:00 PM
Thu, Jul. 28, 9:16 AM
- Gainers: EVOK +31%. GRPN +29%. OCN +25%. ALR +20%. N +18%. ESI +15%. TPX +15%. GRUB +13%. LOGI +13%. VSTM +12%. CRUS +11%. ASPS +11%. CHCI +11%. EBIO +11%. AXTI +11%. VNR +9%. SPHS +9%. VGZ +8%. KONA +7%. CLF +6%. ARIA 6%. SPU 5%. YNDX 5%.
- Losers: INFN -32%. ARGS -18%. AVXL -10%. IVTY -10%. F -8%. CIEN -8%. CBD -8%. XCOM -7%. EXAS -6%. WFM -5%.
Thu, Jul. 28, 7:33 AM
- Shares of Tempur Sealy (NYSE:TPX) are on watch after the company topped estimates with its Q2 report.
- Sales in North America increased 6.0% to $668.2M. International sales were up 1.6% to $136.2M.
- The company's gross margin rate improved 41.5% from 38.9% a year ago.
- Adjusted operating income as a percentage of sales rose 340 bps to 12.6%.
- Previously: Tempur Sealy beats by $0.23, beats on revenue (July 28)
Thu, Jul. 28, 7:17 AM
Wed, Jul. 27, 5:30 PM
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Mon, Jul. 18, 10:57 AM
- Tempur Sealy International (TPX +0.1%) announced the conversion or repayment of all remaining 8% Senior Secured Third Lien Convertible Notes Due 2016 issued by Sealy Corporation and Sealy Mattress Company which matured on July 15, 2016.
- The Company paid approx. $115M in cash to holders of the Sealy Notes who properly converted their Sealy Notes in advance of the maturity date. The Company also repaid in cash on the maturity date principal amount of the Sealy Notes of less than $100,000, together with unpaid interest thereon.
- The Company also borrowed $100M using the delayed draw term loan facility to make conversion payments.
- Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "As part of our overall 2016 capital structure plan, our 8% notes maturity was funded from our new senior credit facilities, resulting in approximately $6M in annual interest savings based on today's interest rates."
- Press Release
Thu, Jun. 9, 8:22 AM
- Tempur Sealy (NYSE:TPX) announces it will increase its buyback allowance by $200M.
- The company now has total repurchase firepower of $205M.
- "This new authorization is consistent with our previously disclosed long-term strategy to manage our capital structure and, when appropriate, return excess cash to our shareholders," notes CEO Scott Thompson.
- TPX +0.41% premarket to $63.02.
Tue, May 31, 9:11 AM
- Consumer spending on durable goods rose 2.3% in April, while spending on nondurable goods increased 1.4%. Both marks exceeded the expectations of economists. Overall consumer spending rose at the fastest rate in seven years.with a 1.0% M/M increase.
- While a higher level of spending on automobiles was anticipated, a category to keep an eye on is home furnishings and home repair with more data out suggesting that millennials are freeing up dollars for their houses.
- Related stocks: BSET, CRWS, ETH, HOFT, LZB, LCUT, NWL, SCSS, STLY, TPX, TUP, BGG, SWK, HD, LOW.
- Previously: Retailers with a fix on the modern U.S. consumer (May 28)
- Previously: Personal income rises in-line with forecast (May 31)
Thu, Apr. 28, 9:16 AM| Thu, Apr. 28, 9:16 AM