Tempur Sealy International, Inc. (NYSE:TPX) Q3 2023 Earnings Call Transcript

Operator: Thank you. One moment for our next question. Our next question comes from the line of William Reuter [ph] with Bank of America. Your line is now open.

Unidentified Analyst : Good morning. There’s clearly a little bit of concern about lower income and middle income customers that may be experiencing increasing debt levels. I was wondering if you could talk a little bit about how your sales break down between different demographics and if you’re seeing some of those trends start to impact your results?

Bhaskar Rao: Sure, consistent with the last few quarters there’s no question that entry level customer is challenged. We have — the higher end products are doing well and growing call it Stearns & Foster and Tempur and especially high end Tempur. And where you see real pressure in this game we’re talking in U.S. is in the entry level customer, which would be our entry level Sealy product. Sealy Foster [ph] Pedic big markets doing better. But we would share that that the entry level customer is really not active in the current market.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Seth Basham with Wedbush Securities. Your line is now open

Seth Basham: Thanks, just had a follow up. You guys talked about being on track to respond [Technical Difficulty], is that timing at all longer than previously expected. I thought you’d be done with responding that way now?

Scott L. Thompson: I would say it’s a complicated process obviously. I think we’ve provided the government with over 1 million documents just to be clear. We’ve always said that we would be substantially complete in the fourth quarter. We’re off probably maybe two to three weeks probably from the original timeline at the very start.

Operator: Thank you. At this time, I’d like to hand the conference back to Mr. Scott Thompson for closing remarks.

Scott L. Thompson: Thank you, operator. To our over 12,000 employees around the world, thank you for what you do every day to make the company successful. To our retail partners, thank you for your outstanding representation of our brands. To our shareholders and lenders, thank you for your confidence and leadership and the leadership of the company and its Board. This ends today’s call operator. Thank you

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.