Tempur Sealy issues sales warning as geopolitics, dwindling consumer confidence and COVID weigh

Mattress company Tempur Sealy International Inc. said Thursday that geopolitical events, falling consumer confidence and new COVID-19 variants had combined to hurt first-quarter sales, sending its stock down 3.4% premarket. The company is expecting its first-quarter sales to grow about 15% from the year-earlier period. The FactSet consensus is for sales of $1.261 billion, implying roughly 21% growth from the first quarter of 2021. "We remain committed to making investments in marketing, product launches, and our operations this year to support the long-term growth trajectory of the business," Chief Executive Scott Thompson said in a statement. "However, in response to the current geopolitical uncertainty permeating the European market, we have elected to postpone the launch of the new international line of Tempur products that was planned for 2022 to the first quarter of 2023." The company is expecting to report first-quarter earnings on April 28. Shares have fallen 21% in the last 12 months, while the S&P 500 has gained 15.9%.

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