From Home Furnishing Business
Select Comfort 2Q Income Drops 42%
Specialty bedding retailer Select Comfort (NASDAQ: SCSS) reported net income of $9.9 million in the second quarter ended June 29, a 42 percent decrease from the nearly $17 million net income in the same quarter last year.
Net sales for the quarter were $207 million, a 1 percent increase compared to $205 million in net sales during the same quarter last year.
Net income for the first half of the year was $33.4 million, a 15 percent decline from the $39.4 million posted in the first half of last year. Net sales for the first half of the year were $465.6 million. Sales for the first half of last year were $467.6 million.
"During the quarter, we experienced sequential monthly sales improvement and strengthened performance as we re-established our proven media-buying formula," said Shelly Ibach , president and CEO, Select Comfort. "We also made progress on our top priorities, product innovation and local-market development, as we position the company for short- and long-term growth."
Looking ahead, the company expects to spend between $70 million and $80 million in 2013 capital expenditures in stores, technology and product innovation.