Select Comfort sales jump 22% in first quarter
Furniture Today Staff -- Furniture Today, April 21, 2011
MINNEAPOLIS — Specialty bedding manufacturer and retailer Select Comfort said first-quarter profits were more than double last year's first quarter as sales of its Sleep Number airbed grew more than 22%.
The company, which generates most of its sales through company-owned retail stores, said sales for the quarter ended April 2 totaled $193.1 million. That's up from $158 million in last year's first quarter.
Same-store sales at its retail stores jumped 26%.
First-quarter net income was $16.6 million, or 30 cents per share. In last year's first quarter, the totals were $7.8 million and 14 cents per share.
"Our first quarter performance demonstrates the earnings potential of our business when we achieve solid sales growth and increased market share," said Bill McLaughlin, president and CEO. "During the quarter, we remained focused on leveraging our core business, executing against our growth-driving programs, and controlling costs."
The company currently has 375 Select Comfort retail stores, and expects to have about 380 at the end of the year.
The company also boosted its earnings projections for the year, and is now forecasting net income of 85 cents to 93 cents per share. In February, the company was projecting 68 cents to 74 cents per share.