Select Comfort Net More Than Doubles in Fourth Quarter
February 9, 2012,
MINNEAPOLIS-Net income for mattress manufacturer/retailer Select Comfort jumped 116 percent in its fiscal fourth quarter (ending on Dec. 31), totaling $15.4 million, as the company ended a year marked by "significant progress," according to its president and CEO, Bill McLaughlin.
McLaughlin said Select Comfort "redefined our top-line growth formula and achieved record bottom-line leverage and profitability." That "top-line growth formula" resulted in a 27 percent jump in net sales for the quarter, to $189.1 million, which included average sales per Select Comfort store of $1.7 million, a new record for the company and 33 percent ahead of the fourth quarter of last year.
For the 2011 fiscal year as a whole, net income ballooned by 92 percent to $60.5 million, as net sales rose 23 percent to $743.2 million.
Looking ahead to this fiscal year, Wendy Schoppert, Select Comfort's executive vice president and chief financial officer, said the company expects "sustained revenue growth to come from a combination of new stores and higher average sales per store."
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