![]() ![]() Our new Stearns & Foster and Sealy e-commerce sites have exceeded our expectation, the greater mix into the more premium SKU assortments resulting in unexpectedly high ASP across both brands. e-commerce channel performance performed well in the quarter delivering approximately double-digit growth. Turning to our second highlight, our U.S. Overall, we remain on track to expand Stearns retail slot by more than 20%. We expect to complete the rollout by Memorial Day holiday selling period. In order to ensure the new product meets our stringent quality requirements, we have extended the launch window in response to a slight component delay. This excitement for the new product is reflected in robust year-over-year order trends. Our third-party retail partners have demonstrated their enthusiasm for both the new Stearns & Foster product portfolio and our commitment to supporting the line-up through compelling national brand marketing. First, as we discussed last quarter, we successfully kicked-off the North America launch of our new collection of Stearns & Foster products, which is designed to further distinguish our high-end traditional Innerspring brand from the numerous mid-market Innerspring brands in marketplace. I'd like to begin by highlighting some of the key wins for the quarter. Consistent with our previous quarter, we observed a slight increase in resilience of our premium customers with sales of value focused customers a bit more subdued. However, we continue to outperform the broader industry by a good bit and enhanced our competitive position. This represents a 36% growth in sales and a 59% growth in adjusted EPS as compared to the fourth quarter of 2019, a pre-COVID period.Ĭompared to the same period last year, this represents a 13% decline in sales and a 39% decline in adjusted EPS as we navigated a weak overall market and experienced robust inflation. In the fourth quarter of 2022, net sales were approximately 1.2 billion and adjusted EPS was $0.54. Finally, I'll close with a few comments on how we view the current market environment, then we will open the call up for Q&A. ![]() Then Bhaskar will review our fourth quarter financial performance in more detail and discuss our 2022 guidance. I'll begin with some highlights from our fourth quarter, and then I will turn to discuss how we delivered on our long-term initiatives. Good morning, everyone, and thank you for joining us on our 2022 fourth quarter and full earnings call. And now, with that introduction, it is my pleasure to turn the call over to Scott. Our comments will supplement the detailed information provided in the release. Reconciliations of this non-GAAP financial information can be found in the accompanying press release, which has been posted on the company's investor website at and filed with the SEC. This morning's commentary will also include non-GAAP financial information. The company undertakes no obligation to update any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. ![]() These factors are discussed in the company's SEC filings, including its annual reports on Form 10-K and quarterly reports on Form 10-Q under the heading Special Note Regarding Forward-Looking Statements and Risk Factors. These forward-looking statements involve uncertainties and actual results may differ materially, due to a variety of factors that could adversely affect the company's business. This call includes forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. After prepared remarks, we will open the call for Q&A. ![]() Joining me today are Scott Thompson, Chairman, President and CEO and Bhaskar Rao, Executive Vice President and Chief Financial Officer. Before getting started, we want to extend our congratulations and best wishes to Aubrey, who is currently on maternity leave. My name is Lauren Avritt, the Investor Relations Manager. Good morning everyone, and thank you for participating in today's call. I would now like to hand the conference over to your speaker host for today, Lauren Avritt, Investor Relations Manager. Please be advised that today's conference may be recorded. At this time, all participants are in a listen-only mode. Thank you for standing by and welcome to the Tempur Sealy's Fourth Quarter 2022 Earnings Conference Call. Operator: Good morning ladies and gentlemen. (NYSE: TPX) Q4 2022 Earnings Call Transcript February 9, 2023 ![]()
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