CARTHAGE, Mo. — Leggett & Platt posted second quarter sales of $1.1 billion, 8% less than the same period last year.

The company’s second quarter results come on the heels of its Jan. 16 announcement to implement a restructuring plan that includes reducing the number of manufacturing and distribution bedding plants from 50 to between 30 and 35 and a smaller number of furniture facilities.

In a press release detailing its second quarter results, the company said, “We now anticipate approximately $80 million of annual sales attrition after initiatives are fully implemented in late 2025 versus our initial estimate of $100 million.”

Karl Glassman, president and CEO, said the company is “currently conducting a strategic review of our diverse portfolio, assessing how each business fits into our long-term vision.”

“The restructuring plan is on track, with some elements of the plan progressing ahead of schedule and exceeding expectations,” Glassman said. “We paid down $73 million of debt and adjusted EBIT margin improved by 50 basis points sequentially this quarter. We remain committed to investing in our key businesses to drive profitable growth when market conditions improve.

"Demand in our residential end markets remains weak as consumers continue to delay big-ticket, discretionary purchases,” Glassman continued. “Additionally, the global automotive market remains volatile due to a slower than expected shift to electric vehicles and disruption from new Chinese market entrants. Due to these factors and continued deflationary pressure, we are lowering our full year sales guidance.”

Earlier this month, the U.S. Department of Labor entered into a conciliation agreement with Leggett & Platt Inc., in which the federal contractor will pay $407,402 in back wages and interest to resolve alleged hiring discrimination at a High Point, N.C., production facility.