Sealy (NYSE:ZZ) reported a fiscal Q2 EPS of 7 cents, ex-items, topping consensus estimates of 5 cents. Revenues for the quarter fell 20.5% year-over-year to $298.5 million, but was still inline with the $298.1 million the Street was looking for. The quarterly results exclude charges of 13 cents a share related to the company's refinancing of its senior credit facility and rights for convertible notes. "During the second quarter, we were able to strengthen our competitive position, execute consistently on our strategic initiatives, and substantially improve our operating performance compared to the first quarter of fiscal 2009, despite the continuation of challenging global macro-economic conditions and a difficult retail environment," stated Larry Rogers, Sealy's President and Chief Executive Officer. "We continued to be intensely focused on positively affecting those areas of our business that we can control, including establishing stronger working partnerships with our retailers and suppliers, providing customers with the right Sealy products to address their current needs, unveiling our new Stearns & Foster line, and reducing our cost base to reflect the weaker revenue environment," added Rogers.

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