Sealy Corporation Reports Second Quarter Fiscal 2008 Results

TRINITY, N.C., July 8 /PRNewswire-FirstCall/ -- Sealy Corporation (NYSE: ZZ), the largest bedding manufacturer in the world, today announced results for its second quarter of fiscal 2008. Net sales for the fiscal quarter ended June 1, 2008 decreased 6.6% to $375.4 million compared to the comparable period in the prior year. Net income for the second quarter was $12.0 million or $0.13 per diluted share versus $16.1 million or $0.17 for the comparable period last year. Included in net income for the quarter ended June 1, 2008 were the effects of a change in the Company's estimates for warrantable and other product return reserves, which provided a $0.05 per diluted share benefit. For more information on this and other special items, which also impacted the Company's net sales, cost of sales and gross profit, please refer to the... [read full story]