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  • Current:Home > Exhibition > 2019

    Analyst: L&P bedding business ‘healthy and evolving’

    Time:2019-11-26 12:43:53    Share:

    Fresh from attending Leggett & Platt’s Investor Day conference, Piper Jaffray says it believes the company “is in its most solid position relative to the past three years.” And bedding is a strong category for the company, the firm added.

    “The bedding industry has seen a great deal of disruption over the past few years, but L&P has been seeing consistent strength in its US Spring business since mid-2018,” Piper Jaffray said in a report on the L&P conference. “We believe industry dynamics have become more favorable for L&P in 2019.”

    Piper Jaffray said L&P’s bedding business is “healthy and evolving.” It noted that L&P’s US Spring business has been up 4%-7% year-over-year in each of the past six quarters.

    The firm wrote: “Looking ahead, management expects continued evolution, with (1) DTC shifting from 20% of sales in the market in 2019 to 40% by 2024, and (2) strong uptick in hybrid mattress growth in conjunction with DTC growth.

    “Many DTC brands are introducing hybrid mattresses, as a way to increase ASP compared to most foam mattresses. L&P is uniquely positioned to take advantage of this trend given its leading position as a spring producer and integrated foam capabilities with Elite Comfort Solutions. More broadly, L&P continues to see content wins with more mattress manufacturers including Comfort Core springs in beds.”

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