Select Comfort Net Expands 52 Percent in Q3
October 21, 2010,
MINNEAPOLIS-Net income for Select Comfort rose 52 percent in the third quarter ended Oct. 2, 2010, totaling $10.5 million and marking the seventh consecutive quarter of bottom-line improvement.
The mattress manufacturer/retailer posted this increase based on a 9 percent gain in net sales, which reached $160.1 million and which included a 16 percent increase in same-store sales. Although Select Comfort's gross margin fell 90 basis points to 62.5 percent, it was able to hold the line on operating costs. Total operating expenses rose 2 percent on a dollar basis but dropped 330 basis points as a percentage of sales, to 52 percent.