Select Comfort Explodes with 35 Percent Profit Gain in First Quarter
April 19, 2012,
MINNEAPOLIS-Select Comfort rode the wave of strong sales increases to post an impressive 35 percent increase in net income in its first quarter, to $22.4 million.
Net sales for the mattress manufacturer/retailer jumped 36 percent to $262.4 million in the quarter, which ended on March 31. This included a pickup of 34 percent in same-store sales--a new record, according to Shelly Ibach, chief operating officer. "We continue to invest in broadening awareness for the differentiated Sleep Number brand and leveraging our position as a national retailer with exclusive, company-controlled distribution," said Ibach, who is slated to succeed the retiring Bill McLaughlin as president and CEO on June 1.
In a conference call to financial analysts yesterday, Ibach cited increasing store productivity and same-store sales as "an important part of our new strategy." She also said Select Comfort will offer the Sleep Number Silver Edition bed for a limited during the second quarter to commemorate the company's 25th anniversary in business. Select Comfort's long-term goal is $1.5 billion in annual sales by 2015, she said.
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