Select Comfort 4Q sales up 8.4%
By Furniture Today Staff -- Furniture Today, February 13, 2005
Minneapolis — Airbed manufacturer and retailer Select Comfort recorded a fourth-quarter sales increase of 8.4%, although profits decreased 6.1%. Sales in the quarter ended Jan. 1 were $148.6 million, up from $137.1 million a year ago, with net income falling to $10.4 million from $11.1 million.
The latest quarter was 14 weeks long, compared to a 13-week period last year. Sales increased 17% on an equivalent-week basis, Select Comfort said.
For the year, Select Comfort posted sales of $557.6 million, up 21.6% over last year's $458.5 million. Net income jumped 16.6% to $31.7 million from $27.2 million in 2003. Same-store sales surged 16%.
During a conference call with analysts, Chairman and CEO Bill McLaughlin said 2004 was the third consecutive year of 20% revenue growth or better.
He said the company had doubled in size in the past three years, and sold over 300,000 beds in 2004, an increase of over 10% from 2003. Last year also was the company's third consecutive year of profitability, although McLaughlin acknowledged the company had not met its profit margin goal, and was focused on profit growth of 20% to 25% in 2005.
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