Select Comfort Reports Net Sales Up 16 Percent in 3Q

November 5, 2015  by in Financial Reports, Industry   

Net sales increased 16 percent to $374 million with comparable sales up 11 percent. Gross profit, operating income and earnings per diluted share all increased in the third quarter. 

“Our third quarter and year-to-date sales and profitability demonstrate the strength of our consumer innovation strategy and business model, even as we take on large transformational initiatives,” said Shelly Ibach, president and CEO of Select Comfort. “We have implemented our new ERP system on time and on budget. As anticipated, the implementation has caused customer service and delivery disruptions, which we expect to be isolated to the fourth quarter. We look forward to the agility and efficiencies this system will enable for our customers and team. Our strategy and results remain on track and we are reaffirming our 2015 outlook of $1.35 per share.” 

The outlook remains as planned and assumes sales growth for the second half of the year consistent with previous guidance of mid- to high-single-digit, adjusting for the extra week in the prior year’s fourth quarter. It assumes approximately 490 stores at year end, which is a six percent increase from the prior year end.