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Select Comfort reports Q4 and full-year 2007 results
Feb '08
Select Comfort Corporation announced results for the fiscal fourth quarter ended Dec. 29, 2007. Net sales totaled $190.7 million, a decrease of 4 percent, compared to $198.0 million in the fourth quarter of 2006. Net income totaled $2.2 million, or $0.05 per diluted share, compared to $10.8 million, or $0.20 per diluted share in the fourth quarter of 2006.

Net sales for 2007 totaled $799.2 million, a decrease of 1 percent, compared to $806.0 million in 2006. Net income for 2007 totaled $27.6 million, or $0.57 per diluted share, compared to $47.2 million, or $0.85 per diluted share in 2006.

"Weaker-than-expected consumer spending following the Thanksgiving holiday offset positive sales trends during the first two months of the fourth quarter," said Bill McLaughlin, chairman and chief executive officer of Select Comfort. "Given the outlook for economic softness in 2008, we are focused primarily on reducing costs and improving operational efficiencies, while continuing to execute our long-term strategies for profitable growth."

"During the fourth quarter, we made a number of decisions that will counteract the impact of softening sales," continued McLaughlin. "Specifically, the company expanded distribution by opening seven net new stores and completing three high-return store remodels. We also increased prices on certain products in January to reflect the impact of higher raw-material costs.

In addition, we eliminated approximately 20 corporate positions and froze headcount at current levels, which is expected to achieve annualized savings of approximately $4.0 million."

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