PRPL - Mattress stocks fall in wake of Tempur Sealy earnings

2023-05-09 12:50:34 ET

Purple Innovation ( PRPL ) shares declined by a double-digit percentage on Tuesday, leading declines in the wake of Tempur Sealy’s ( TPX ) earnings result and announced acquisition of Mattress Firm ( MFRM ). Tempur Sealy expects to realize “at least $100M in annual run-rate synergies” by year four of the combination, which it expects to close in 2024.

Tempur Sealy also offered a broadly positive earnings print , leading shares to see-saw as the market digested the news. The trend for mattress manufacturer peers however was decidedly less upbeat. Shares of Purple Innovation ( PRPL ) plunged 12.21% , edging toward a 52-week low. Meanwhile, Sleep Number ( NASDAQ: SNBR ) -4.7% and Leggett & Platt ( LEG ) -0.7% each marked declines as well.

Purple Innovation ( PRPL ) is expected to post results after the bell on Wednesday. Read more on the expectations for the company .

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