TSC 3Q sales up 13.5%
SCARBOROUGH, Ontario (11 November 2015) - Tempur Sealy Canada saw sales jump 13.5% to C$75.6 million in the third quarter, according to documents filed by its parent company with the U.S. Securities & Exchange Commission (S.E.C.).
In what is called its 10-Q filing, the Lexington, Kentucky-based Tempur Sealy International noted its wholly-owned Canadian subsidiary had sales of US$56.4 million for the three months ending September 30, 2015. At the prevailing exchange rate established by the Bank of Canada, that's about C$75.6 million.
It's a 13.5% uptick over the C$66.6 million sold for the same period last year - or US$60.5 million.
For the nine months also ending September 30, 2015, Tempur Sealy Canada (TSC) has sales of US$152.2 million or C$203.9 million. In Canadian dollars, that's a 19.9% uptick over the C$170.0 million for the comparable period last year even though - thanks to the vagaries of currency change - sales are down from US$162.7 million.
Aside from one line detailing TSC's sales performance, the parent company said nothing else about its Canadian operation.
Tempur Sealy International total sales for the third quarter were US$880.0 million. It's North American segment (which includes Canada), has sales of US$741.2 million.
For the year-to-date, Tempur Sealy International sales were US$2.24 billion, while the North American segment accounted for US$1.81 billion.
TSC accounted for 6.8% of the total company's revenue for the first nine months of the year - and 8.4% of its North American segment.
TSC chief operating officer Derek Ritzel attributed the company's growth to a simple strategy launched earlier this year which saw not only the re-introduction of the Stearns & Foster brand in the Canadian market but a concerted effort to aid retailers to sell better quality and priced goods.
"We want to help retailers drive ticket sales up," he said. "Especially during these times when the store traffic count is at best static. So, how do we try to command a better price?"
Ritzel said the strategy has been producing solid results so far this year as average ticket prices are up 3% across the board.