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.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money