LEXINGTON, Ky., May 21, 2020 /PRNewswire/ -- Tempur Sealy International, Inc. (NYSE: TPX, "Company") announced today that customers and associates are welcomed back into the Company's U.S. Tempur-Pedic and Sleep Outfitters retail stores. After temporary closures, the Company has begun opening its domestic retail stores in a phased approach in compliance with recommended safety precautions from the CDC, state and local health authorities and its Clean Shop Promise™ protocol. Tempur Sealy expects the vast majority of its approximately 160 U.S. retail locations to be open by the end of May. Some may operate with reduced hours and/or modified delivery services.
In addition to opening its Company-owned stores, the Company continues to support third-party retailers in the opening of their stores through offering its Clean Shop Promise™ protocol as a resource. The Company built upon its unique combination of robust consumer insights and global industry experience to develop a holistic set of guidelines designed to offer consumers a clean and comfortable in-store experience.
Tempur Sealy Chairman and CEO Scott Thompson commented, "One of our strengths is our powerful omni-channel distribution model, which allows us to reach consumers wherever they want to shop. We believe about 65% of the third-party retail doors will be open in the U.S. by the end of May, which is up from 40% at the end of April."
Thompson continued, "We see consumers shopping both online and in-stores. While it is early, stores that have re-opened are generally experiencing strong closing rates with reduced traffic. As more third-party retail locations open and we leverage our Clean Shop Promise™ protocol, we expect that traffic will continue to increase as consumers seek to experience our products first-hand."
This press release may be deemed to include statements that are "forward-looking" within the meaning of the federal securities laws, which include information concerning one or more of the Company's plans, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words "expects", "believes" and variations of such words or similar expressions are intended to identify such statements. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.
Other potential risk factors include the risk factors discussed under the heading "Risk Factors" in Part I, ITEM 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, ITEM 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. There may be other factors that may cause actual results to differ materially from the forward-looking statements contained herein. The Company undertakes no obligation to update any forward-looking statement contained herein to reflect events or circumstances after the date on which such statement is made.
About the Company
Tempur Sealy International, Inc. (NYSE: TPX) develops, manufactures, and markets mattresses, foundations, pillows and other products. The Company's products are sold worldwide through third party retailers, its own stores, and online. The Company's brand portfolio includes many highly recognized brands in the industry, including Tempur®, Tempur-Pedic®, Sealy® featuring Posturepedic® Technology, and Stearns & Foster®. World headquarters for Tempur Sealy International is in Lexington, KY. For more information, visit http://www.tempursealy.com or call 800-805-3635.
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