13988 Tue, 03/11/2008 - 11:42am
ATLANTA–For the fourth quarter, Simmons’ net sales rose 19.9 percent to $269.6 million, also a record and marking the eighth quarter in a row that Simmons’ quarterly sales growth exceeded that for the mattress industry as a whole.
The company’s 2007 net income totaled $23.9 million, up 44 percent from 2006 when adjusted to account for the 2006 sales of both Sleep Country USA, Simmons’ former retail operation, and Simmons Canada. Without that adjustment, 2007 net income fell 49.7 percent.
Simmons posted net sales of $1.1 billion in 2007, up 17.2 percent over 2006 net sales and the first time the nation’s second-largest bedding manufacturer has had a $1 billion year.
In a Simmons statement, Charlie Eitel, chairman and chief executive officer, said the company “gained considerable market share” in 2007, and that Simmons’ midyear acquisition of ComforPedic, the specialty bedding producer, positions the company for growth in the specialty bedding segment. Eitel also said Simmons’ “sales momentum, strong product offerings and keen focus on cost management” will help the company weather the soft economy and challenging retail environment.