* Q1 adj EPS $0.04 vs est loss/shr $0.03: Reuters Estimates
* Q1 revenue $310 mln vs rev view $309.5 mln
March 31 Sealy Corp ZZ.N, the world's largest
mattress maker, posted a surprise first-quarter profit as
expenses dropped, helped by its cost-cutting measures.
The bedding maker, whose brands include Sealy, Sealy
Posturepedic, Stearns & Foster and Bassett, posted a profit of
$4.7 million, or 5 cents a share, including a gain of 1 cent a
share related to the sale of equity in its Korean subsidiary.
The Trinity, North Carolina-based company had reported net
income of $16.2 million, or 17 cents a share, in the year-ago
Sales for the quarter ended March 1 fell 21 percent to $310
Sealy and its competitors in the bedding industry like
Tempur-Pedic (TPX.N) and Select Comfort (SCSS.O) have been
struggling with softer sales at its U.S. markets after
cash-strapped shoppers cut down on their appetite for
big-ticket items amid falling home values, rising gasoline
prices and tighter lending conditions.
Several bedding companies such as Mattress Discounters,
Mattress Gallery and Foamex International Inc have even filed
for bankruptcy protection.
However, Sealy's selling, general and administrative
expenses fell 17 percent for the quarter.
Shares of the company closed at $1.49 Tuesday on the New
York Stock Exchange.
(Reporting by Sumedha Mukherjee in Bangalore; Editing by