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This excerpt taken from the TPX 10-Q filed Apr 30, 2009. Gross
profit. Gross profit for the three months ended March 31, 2009 decreased
to $81.9 million from $108.1 million for the same period in 2008, a decrease of
$26.2 million, or 24.3%. The Gross profit margin for the three months ended
March 31, 2009 was 46.2% as compared to 43.7% for the same period in 2008. The
factors that impacted Gross profit margin during the quarter are identified and
discussed below in the respective segment discussions. We currently have plans
underway across our operations to expand margins for the remainder of 2009,
including projects to improve utilization rates, a redesign of our
transportation network and a range of sourcing opportunities to further improve
the Gross profit margin.
Domestic. Domestic Gross
profit for the three months ended March 31, 2009 decreased to $42.8 million from
$53.6 million for the same period in 2008, a decrease of $10.9 million, or
20.3%. The Gross profit margin in our Domestic segment was 40.2% and
36.3% for the three months ended March 31, 2009 and March 31, 2008,
respectively. Improvements in our Domestic Gross profit margin were primarily
driven by lower commodity pricing including raw material and transportation
costs, our focus on driving manufacturing efficiencies and pricing actions taken
early in 2009. These factors were partially offset by fixed cost de-leverage as
production volumes were down substantially during the three months ended March
31, 2009 as compared to the same period in 2008. Domestic Cost of
sales for the three months ended March 31, 2009 decreased to $63.6 million from
$94.3 million for the same period in 2008, a decrease of $30.6 million, or
32.5%.
International. International
Gross profit for the three months ended March 31, 2009 decreased to $39.1
million from $54.5 million for the same period in 2008, a decrease of $15.4
million, or 28.2%. The Gross profit margin in our International segment was
55.3% and 54.8% for the three months ended March 31, 2009 and March 31, 2008,
respectively. Improvements in our International Gross profit margin were
primarily driven by lower commodity pricing including raw material costs, our
focus on driving manufacturing efficiencies and pricing actions taken early in
2009. These factors were partially offset by fixed cost de-leverage as
production volumes were down substantially during the three months ended March
31, 2009 as compared to the same period in 2008. Our International Cost of sales
for the three months ended March 31, 2009 decreased to $31.6 million from $44.9
million for the same period in 2008, a decrease of $13.3 million, or
29.6%.
These excerpts taken from the TPX 10-K filed Feb 12, 2009. Gross
profit. Gross profit for the year ended December 31, 2008 decreased to
$401.0 million from $534.8 million for the same period in 2007, a decrease of
$133.9 million, or 25.0%. Gross margin for the year ended December 31, 2008 was
43.2%, as compared to 48.3% in the same period of 2007. Several factors that
impacted our Gross profit margin during 2008 are identified and discussed below
in the respective segment discussion.
Domestic. Domestic Gross
profit for the year ended December 31, 2008 decreased to $207.7 million from
$316.4 million, a decrease of $108.7 million, or 34.4%. The Gross profit margin
in our Domestic segment was 36.4% and 43.6% for the year ended 2008 and 2007,
respectively. For the year ended December 31, 2008, the Gross profit margin in
the Domestic segment declined resulting from a combination of raw material cost
inflation, fixed cost de-leverage as a result of lower production volumes
related to the decrease in Net sales and our efforts to reduce inventories and
the impact of channel mix as there was a lower level of Direct channel Net sales
in 2008, which typically sells at a higher price than our Retail channel Net
sales at wholesale price. Toward the end of the fourth quarter of 2008, we
experienced a reduction in certain raw material pricing; however, the pricing at
the end of 2008 was still substantially higher when compared to same period in
2007. Our Domestic Cost of sales decreased to $363.0 million for the year ended
December 31, 2008 as compared to $408.9 million for the year ended December 31,
2007, a decrease of $45.9 million, or 11.2%.
International. International
Gross profit for the year ended December 31, 2008 decreased to $193.3 million
from $218.4 million, a decrease of $25.1 million, or 11.5%. The Gross profit
margin in our International segment was 54.1% and 57.3% for the years ended
December 31, 2008 and 2007, respectively. The Gross profit margin for our
International segment was impacted by raw material cost inflation and lower
production volumes related to the decrease in Net sales and our efforts to
reduce inventories. Toward the end of the fourth quarter of 2008, we experienced
a reduction in certain raw material pricing; however, the pricing at the end of
2008 was still substantially higher when compared to same period in 2007. Our
International Cost of sales increased to $163.8 million for the year ended
December 31, 2008, as compared to $163.0 million for the year ended December 31,
2007, an increase of $0.9 million, or 0.5%.
Gross profit. Gross profit for the year ended December 31, 2008 decreased to $401.0 million from $534.8 million for the same period in 2007, a decrease of $133.9 million, or 25.0%. Gross margin for the year ended December 31, 2008 was 43.2%, as compared to 48.3% in the same period of 2007. Several factors that impacted our Gross profit margin during 2008 are identified and discussed below in the respective segment discussion. Domestic. Domestic Gross profit for the year ended December 31, 2008 decreased to $207.7 million from $316.4 million, a decrease of $108.7 million, or 34.4%. The Gross profit margin in our Domestic segment was 36.4% and 43.6% for the year ended 2008 and 2007, respectively. For the year ended December 31, 2008, the Gross profit margin in the Domestic segment declined resulting from a combination of raw material cost inflation, fixed cost de-leverage as a result of lower production volumes related to the decrease in Net sales and our efforts to reduce inventories and the impact of channel mix as there was a lower level of Direct channel Net sales in 2008, which typically sells at a higher price than our Retail channel Net sales at wholesale price. Toward the end of the fourth quarter of 2008, we experienced a reduction in certain raw material pricing; however, the pricing at the end of 2008 was still substantially higher when compared to same period in 2007. Our Domestic Cost of sales decreased to $363.0 million for the year ended December 31, 2008 as compared to $408.9 million for the year ended December 31, 2007, a decrease of $45.9 million, or 11.2%. International. International Gross profit for the year ended December 31, 2008 decreased to $193.3 million from $218.4 million, a decrease of $25.1 million, or 11.5%. The Gross profit margin in our International segment was 54.1% and 57.3% for the years ended December 31, 2008 and 2007, respectively. The Gross profit margin for our International segment was impacted by raw material cost inflation and lower production volumes related to the decrease in Net sales and our efforts to reduce inventories. Toward the end of the fourth quarter of 2008, we experienced a reduction in certain raw material pricing; however, the pricing at the end of 2008 was still substantially higher when compared to same period in 2007. Our International Cost of sales increased to $163.8 million for the year ended December 31, 2008, as compared to $163.0 million for the year ended December 31, 2007, an increase of $0.9 million, or 0.5%. Gross
profit. Gross profit for the year ended
December 31, 2007 increased to $534.8 million from $460.5 million for the same
period in 2006, an increase of $74.3 million, or 16.1%. Gross margin for the
year ended December 31, 2007 was 48.3%, as compared to 48.7% in the same period
of 2006.
Domestic.
Domestic Gross profit for the year ended December 31, 2007 increased to $316.4
million from $274.8 million, an increase of $41.6 million, or 15.1%. The Gross
profit margin in our Domestic segment was 43.6% and 44.2% for the year ended
2007 and 2006, respectively. For the year ended December 31, 2007, the Gross
profit margin for the Domestic segment was impacted by depreciation and start-up
costs associated with the opening of our Albuquerque, New Mexico production
facility and the expediting costs of certain raw materials related to product
shortages late in 2007, offset by productivity improvements at our manufacturing
facilities. Our Domestic Cost of sales increased to $408.9 million for the year
ended December 31, 2007 as compared to $347.0 million for the year ended
December 31, 2006, an increase of $62.0 million, or
17.9%.
International.
International Gross profit for the year ended December 31, 2007 increased
to $218.4 million from $185.7 million, an increase of $32.7 million, or 17.6%.
The Gross profit margin in our International segment was 57.3% and 57.4% for the
year ended 2007 and 2006, respectively. Our International Cost of sales
increased to $163.0 million for the year ended December 31, 2007, as compared to
$137.6 million for the year ended December 31, 2006, an increase of $25.4
million, or 18.5%.
Gross profit. Gross profit for the year ended December 31, 2007 increased to $534.8 million from $460.5 million for the same period in 2006, an increase of $74.3 million, or 16.1%. Gross margin for the year ended December 31, 2007 was 48.3%, as compared to 48.7% in the same period of 2006. Domestic. Domestic Gross profit for the year ended December 31, 2007 increased to $316.4 million from $274.8 million, an increase of $41.6 million, or 15.1%. The Gross profit margin in our Domestic segment was 43.6% and 44.2% for the year ended 2007 and 2006, respectively. For the year ended December 31, 2007, the Gross profit margin for the Domestic segment was impacted by depreciation and start-up costs associated with the opening of our Albuquerque, New Mexico production facility and the expediting costs of certain raw materials related to product shortages late in 2007, offset by productivity improvements at our manufacturing facilities. Our Domestic Cost of sales increased to $408.9 million for the year ended December 31, 2007 as compared to $347.0 million for the year ended December 31, 2006, an increase of $62.0 million, or 17.9%. International. International Gross profit for the year ended December 31, 2007 increased to $218.4 million from $185.7 million, an increase of $32.7 million, or 17.6%. The Gross profit margin in our International segment was 57.3% and 57.4% for the year ended 2007 and 2006, respectively. Our International Cost of sales increased to $163.0 million for the year ended December 31, 2007, as compared to $137.6 million for the year ended December 31, 2006, an increase of $25.4 million, or 18.5%. This excerpt taken from the TPX 10-Q filed Oct 29, 2008. Gross profit.
Gross profit for the nine months ended September 30, 2008 decreased to
$319.6 million from $393.8 million for the same period in 2007, a
decrease of $74.3 million, or 18.9%. Several factors impacted our Gross profit
margin during the quarter. These factors are identified and discussed below in
the respective segment discussions.
Domestic.
Domestic Gross profit for the nine months ended September 30, 2008 decreased to
$170.0 million from $237.5 million for the same period in 2007, a decrease of
$67.6 million, or 28.4%. The Gross profit margin in our Domestic
segment was 36.8% and 43.5% for the nine months ended September 30, 2008 and
September 30, 2007, respectively. The decrease in our Gross profit margin for
the Domestic segment was impacted by declines in the Direct channel, an
inflationary raw material cost environment and reduced production levels
resulting from lower sales and our efforts to reduce inventories. Our Domestic
Cost of sales decreased to $292.3 million for the nine months ended September
30, 2008 as compared to $309.1 million for the nine months ended September 30,
2007, a decrease of $16.7 million, or 5.4%.
International.
International Gross profit for the nine months ended September 30, 2008
decreased to $149.6 million from $156.3 million for the same period in 2007, a
decrease of $6.7 million, or 4.3%. The Gross profit margin in our International
segment was 54.1% and 57.6% for the nine months ended September 30, 2008 and
September 30, 2007, respectively. For the nine months ended September 30, 2008,
the Gross profit margin for our International segment was primarily impacted by
an inflationary raw material cost environment and by decreased production levels
related to lower sales and our efforts to reduce inventories. Our International
Cost of sales for the nine months ended September 30, 2008 increased to $126.8
million from $114.9 million for the same period in 2007, an increase of $11.9
million, or 10.3%.
This excerpt taken from the TPX 10-Q filed Aug 1, 2008. Gross
profit. Gross profit for the six months ended June 30, 2008 decreased to
$214.1 million from $252.2 million for the same period in 2007, a decrease of
$38.1 million, or 15.1%. Several factors impacted our Gross profit margin during
the quarter. These factors are identified and discussed below in the respective
segment discussions.
Domestic. Domestic Gross
profit for the six months ended June 30, 2008 decreased to $111.2 million from
$149.9 million for the same period in 2007, a decrease of $38.7 million, or
25.8%. The Gross profit margin in our Domestic segment was 37.5% and
43.3% for the six months ended June 30, 2008 and June 30, 2007, respectively.
The decrease in our Gross profit margin for the Domestic segment was impacted by
decreased production levels related to lower than anticipated sales, an
inflationary cost environment, declines in the Direct channel and higher sales
returns in the first quarter of 2008. Our Domestic cost of sales decreased to
$185.2 million for the six months ended June 30, 2008 as compared to $196.2
million for the six months ended June 30, 2007, a decrease of $11.0 million, or
5.6%.
International. International
Gross profit for the six months ended June 30, 2008 increased to $102.9 million
from $102.3 million for the same period in 2007, an increase of $0.5 million, or
0.5%. The Gross profit margin in our International segment was 54.3% and 57.7%
for the six months ended June 30, 2008 and June 30, 2007, respectively. For the
six months ended June 30, 2008, the Gross profit margin for our International
segment was primarily impacted by an inflationary cost environment. Our
International Cost of sales for the six months ended June 30, 2008 increased to
$86.6 million from $75.3 million for the same period in 2007, an increase of
$11.4 million, or 15.1%.
This excerpt taken from the TPX 10-Q filed May 6, 2008. Gross profit.
Gross profit for the three months ended March 31, 2008 decreased to $108.1
million from $127.7 million for the same period in 2007, a decrease of $19.6
million, or 15.3%. Several factors impacted our Gross profit margin during the
quarter. These factors are identified and discussed below in the respective
segment discussions.
Domestic.
Domestic Gross profit for
the three months ended March 31, 2008 decreased to $53.6 million from $75.5
million for the same period in 2007, a decrease of $21.8 million, or
28.9%. The Gross profit margin in our Domestic segment was 36.3% and
43.0% for the three months ended March 31, 2008 and March 31, 2007,
respectively. For the three months ended March 31, 2008, the Gross profit margin
for our Domestic segment was impacted by lower than anticipated sales, an
inflationary cost environment and higher sales returns. The combination of
declines in the Direct channel, raw material cost inflation and lower volumes
resulted in a lower gross profit margin. Domestic Cost of sales for
the three months ended March 31, 2008 decreased to $94.3 million from $100.0
million for the same period in 2007, a decrease of $5.7 million, or
5.7%.
International.
International Gross profit for the three months
ended March 31, 2008 increased to $54.5 million from $52.2 million for the same
period in 2007, an increase of $2.3 million, or 4.3%. The Gross profit margin in
our International segment was 54.8% and 57.6% for the three months ended March
31, 2008 and March 31, 2007, respectively. The Gross profit margin for our
International segment was primarily impacted by an inflationary cost
environment. Our International Cost of sales for the three months ended March
31, 2008 increased to $44.9 million from $38.3 million for the same period in
2007, an increase of $6.5 million, or 16.9%.
These excerpts taken from the TPX 10-K filed Feb 29, 2008. Gross
profit. Gross profit for the year ended December 31, 2006 increased to
$460.5 million from $423.9 million for the same period in 2005, an increase of
$36.6 million, or 8.6%. Gross margin for the year ended December 31, 2006 was
48.7%, as compared to 50.7% in the same period of 2005. Our margins were
negatively impacted by several factors during the year ended December 31, 2006.
First, our margins were impacted by the growth in our Retail channel because
sales in our Retail channel are generally at wholesale prices. Second, our
overall product mix shifted to mattresses and other products. Our mattresses
generally carry lower margins than our pillows and are sold with lower margin
products such as foundations and bed frames. Third, our gross margin was
negatively impacted by discounted floor models. Finally, increases in raw
material costs impacted our gross margin particularly in the first half of 2006.
However, our productivity and sourcing initiatives largely offset the impact of
these cost increases.
Domestic. Domestic Gross
profit for the year ended December 31, 2006 increased to $274.8 million from
$240.7 million, an increase of $34.1 million, or 14.2% from the year ended
December 31, 2005. The Gross profit margin in our Domestic segment was 44.2% and
44.9% for the years ended December 31, 2006 and 2005, respectively. For the year
ended December 31, 2006, the Gross profit margin for the Domestic segment was
impacted by the increase in our Retail channel sales and the discounting of
floor models related to the introduction of new and refreshed mattress products
and the addition of new Retail customers. These factors were offset by our
ongoing productivity and global sourcing initiatives. Our Domestic
Cost of sales increased to $347.0 million for the year ended December 31, 2006
as compared to $295.6 million for the year ended December 31, 2005, an increase
of $51.4 million, or 17.4%.
International. International
Gross profit for the year ended December 31, 2006 increased to $185.7 million
from $183.2 million, an increase of $2.5 million, or 1.4%. The Gross profit
margin in our International segment was 57.4% and 61.0% for the years ended
December 31, 2006 and 2005, respectively. For the year ended December 31, 2006,
the Gross profit margin for the International segment was impacted by product
and geographic mix. Our International Cost of sales increased to $137.5 million
for the year ended December 31, 2006, as compared to $117.2 million for the year
ended December 31, 2005, an increase of $20.3 million, or 17.3%.
Gross profit. Gross profit for the year ended December 31, 2006 increased to $460.5 million from $423.9 million for the same period in 2005, an increase of $36.6 million, or 8.6%. Gross margin for the year ended December 31, 2006 was 48.7%, as compared to 50.7% in the same period of 2005. Our margins were negatively impacted by several factors during the year ended December 31, 2006. First, our margins were impacted by the growth in our Retail channel because sales in our Retail channel are generally at wholesale prices. Second, our overall product mix shifted to mattresses and other products. Our mattresses generally carry lower margins than our pillows and are sold with lower margin products such as foundations and bed frames. Third, our gross margin was negatively impacted by discounted floor models. Finally, increases in raw material costs impacted our gross margin particularly in the first half of 2006. However, our productivity and sourcing initiatives largely offset the impact of these cost increases. Domestic. Domestic Gross profit for the year ended December 31, 2006 increased to $274.8 million from $240.7 million, an increase of $34.1 million, or 14.2% from the year ended December 31, 2005. The Gross profit margin in our Domestic segment was 44.2% and 44.9% for the years ended December 31, 2006 and 2005, respectively. For the year ended December 31, 2006, the Gross profit margin for the Domestic segment was impacted by the increase in our Retail channel sales and the discounting of floor models related to the introduction of new and refreshed mattress products and the addition of new Retail customers. These factors were offset by our ongoing productivity and global sourcing initiatives. Our Domestic Cost of sales increased to $347.0 million for the year ended December 31, 2006 as compared to $295.6 million for the year ended December 31, 2005, an increase of $51.4 million, or 17.4%. International. International Gross profit for the year ended December 31, 2006 increased to $185.7 million from $183.2 million, an increase of $2.5 million, or 1.4%. The Gross profit margin in our International segment was 57.4% and 61.0% for the years ended December 31, 2006 and 2005, respectively. For the year ended December 31, 2006, the Gross profit margin for the International segment was impacted by product and geographic mix. Our International Cost of sales increased to $137.5 million for the year ended December 31, 2006, as compared to $117.2 million for the year ended December 31, 2005, an increase of $20.3 million, or 17.3%. | EXCERPTS ON THIS PAGE:
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