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Budd Bugatch - Raymond James
Good day, ladies and gentlemen. And welcome to the Tempur corner sofa Sealy Fourth Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only corner sofa mode. Later, we will conduct the question-and-answer corner sofa session and instructions will follow at that time [Operator Instructions]. As a reminder today s conference call is being recorded.
Thanks, Candice and good evening everyone. Thank you for participating in today s call. Joining me in our Lexington headquarters corner sofa are Mark Sarvary, President corner sofa and CEO; and Dale Williams, EVP and CFO. After our prepared remarks, we will open the call for Q&A.
Forward-looking statements corner sofa that we make during this call are made pursuant to the Safe Harbor corner sofa provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements including the Company s expectations regarding sales, earnings or adjusted net income, or the integration with Sealy involve uncertainties. Actual results differ due to a variety of factors that could adversely affect the Company s business.
The factors that could cause actual results to differ materially from those identified include economic, regulatory, competitive, operating and other factors discussed in the press release issued today. These factors are also discussed in the Company s SEC filings, including but not limited to annual reports on Form 10-K and the Company s quarterly reports on Form 10-Q under the heading Special Note Regarding Forward-Looking Statements and/or Risk Factors, as well as the Company s press releases. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements.
The press release, which contains reconciliations of non-GAAP financial corner sofa measures to the most directly comparable GAAP measures and information regarding the methodology used for constant currency presentation is posted on the Company s website at tempursealy.com and also filed with the SEC. And as a reminder we are hosting an Investor Day in New York City on February 18th. The event will begin at 10 AM and will include presentations from our CEO, Mark Sarvary, our COO Tim Yaggi as well as our President of International David Montgomery and our CFO, Dale Williams. If you are interested corner sofa in attending please send an email to investor.relations@ tempursealy.com. Attendance must be confirmed in advance.
Thanks Mark. Good evening everyone and thanks for joining us. Today I ll provide a brief overview of our performance corner sofa in the fourth quarter and full year and will then discuss our plans and outlook for 2015 and beyond. Dale will then provide details on the fourth quarter and full year financial results and 2015 guidance. We ended the year with a solid fourth quarter performance. In the U.S. both Tempur and Sealy sales grew double digits and all five of our U.S. brands grew in this period, a testament to the complementary nature of our portfolio. The success of our new products and effective marketing investments were the key drivers of growth.
Sales outside of the U.S. were strong in Asia Pacific and Latin America. The strengthening of the U.S. dollar turned sales increases in Europe and Canada to declines when translated and also impacted earnings to a greater extent in the quarter than we had forecast. In total our net sales increased 9.9% and adjusted EPS increased 30%. On a normalized basis correcting for currency, sales would have increased approximately 12.8% and adjusted EPS would have increased approximately 39%.
Looking in 2014 as a whole, this was a year in which a lot was accomplished. We launched a record number of new products in the first half of 2014 and the rollout execution went quite well. Furthermore these new products corner sofa are very successful. Consumers and retailers unlike responded very positively to them and to our marketing programs. This drove considerable growth of Stearns & Foster and Sealy and returned Tempur [indiscernible] to growth, which led to U.S. market share gains for the Tempur Sealy portfolio as a whole. In addition we gained share in several key international markets including Argentina, Japan and the UK.
The organizational integration in North America relating to the Sealy acquisition is now essentially complete and our team is working well as a single entity. Cost synergies have been captured at a faster rate than projected and we are very focused on driving additional cost efficiencies in 2015 and beyond. So a lot was achieved and sales were good in 2014. However our margins were challenged and not as high as we had expected due to unfavorable mix, innerspring corner sofa manufacturing inefficiencies and foreign exchange. corner sofa
On mix, essentially all of our sales growth in 2014 was through the retail channel and that decrease
See their articles on your Seeking Alpha homepage and in your feed.
Budd Bugatch - Raymond James
Good day, ladies and gentlemen. And welcome to the Tempur corner sofa Sealy Fourth Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only corner sofa mode. Later, we will conduct the question-and-answer corner sofa session and instructions will follow at that time [Operator Instructions]. As a reminder today s conference call is being recorded.
Thanks, Candice and good evening everyone. Thank you for participating in today s call. Joining me in our Lexington headquarters corner sofa are Mark Sarvary, President corner sofa and CEO; and Dale Williams, EVP and CFO. After our prepared remarks, we will open the call for Q&A.
Forward-looking statements corner sofa that we make during this call are made pursuant to the Safe Harbor corner sofa provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements including the Company s expectations regarding sales, earnings or adjusted net income, or the integration with Sealy involve uncertainties. Actual results differ due to a variety of factors that could adversely affect the Company s business.
The factors that could cause actual results to differ materially from those identified include economic, regulatory, competitive, operating and other factors discussed in the press release issued today. These factors are also discussed in the Company s SEC filings, including but not limited to annual reports on Form 10-K and the Company s quarterly reports on Form 10-Q under the heading Special Note Regarding Forward-Looking Statements and/or Risk Factors, as well as the Company s press releases. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements.
The press release, which contains reconciliations of non-GAAP financial corner sofa measures to the most directly comparable GAAP measures and information regarding the methodology used for constant currency presentation is posted on the Company s website at tempursealy.com and also filed with the SEC. And as a reminder we are hosting an Investor Day in New York City on February 18th. The event will begin at 10 AM and will include presentations from our CEO, Mark Sarvary, our COO Tim Yaggi as well as our President of International David Montgomery and our CFO, Dale Williams. If you are interested corner sofa in attending please send an email to investor.relations@ tempursealy.com. Attendance must be confirmed in advance.
Thanks Mark. Good evening everyone and thanks for joining us. Today I ll provide a brief overview of our performance corner sofa in the fourth quarter and full year and will then discuss our plans and outlook for 2015 and beyond. Dale will then provide details on the fourth quarter and full year financial results and 2015 guidance. We ended the year with a solid fourth quarter performance. In the U.S. both Tempur and Sealy sales grew double digits and all five of our U.S. brands grew in this period, a testament to the complementary nature of our portfolio. The success of our new products and effective marketing investments were the key drivers of growth.
Sales outside of the U.S. were strong in Asia Pacific and Latin America. The strengthening of the U.S. dollar turned sales increases in Europe and Canada to declines when translated and also impacted earnings to a greater extent in the quarter than we had forecast. In total our net sales increased 9.9% and adjusted EPS increased 30%. On a normalized basis correcting for currency, sales would have increased approximately 12.8% and adjusted EPS would have increased approximately 39%.
Looking in 2014 as a whole, this was a year in which a lot was accomplished. We launched a record number of new products in the first half of 2014 and the rollout execution went quite well. Furthermore these new products corner sofa are very successful. Consumers and retailers unlike responded very positively to them and to our marketing programs. This drove considerable growth of Stearns & Foster and Sealy and returned Tempur [indiscernible] to growth, which led to U.S. market share gains for the Tempur Sealy portfolio as a whole. In addition we gained share in several key international markets including Argentina, Japan and the UK.
The organizational integration in North America relating to the Sealy acquisition is now essentially complete and our team is working well as a single entity. Cost synergies have been captured at a faster rate than projected and we are very focused on driving additional cost efficiencies in 2015 and beyond. So a lot was achieved and sales were good in 2014. However our margins were challenged and not as high as we had expected due to unfavorable mix, innerspring corner sofa manufacturing inefficiencies and foreign exchange. corner sofa
On mix, essentially all of our sales growth in 2014 was through the retail channel and that decrease
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