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Select Comfort to introduce new products at new price points
24
Apr '08
Select Comfort Corporation, the nation's leading bed retailer and creator of the SLEEP NUMBER bed, announced results for the fiscal first quarter ended March 29, 2008. Net sales for the quarter totaled $168.2 million, a decrease of 22 percent, compared to $216.5 million in the first quarter of 2007.

The company reported a first quarter net loss of $7.1 million, or $0.16 per diluted share, compared to net income of $10.7 million, or $0.21 per diluted share in the first quarter of 2007.

"Our first quarter results were affected by a combination of external and internal factors. Performance was significantly impacted by a reduction in consumer discretionary spending due to a weakening U.S. economy. At the same time, we reduced media spend in anticipation of the launch of our new marketing campaign," said Bill McLaughlin, chief executive officer.

"To mitigate the impact of lower volume, we are taking decisive action to reduce costs and preserve cash, while at the same time selectively investing in initiatives to stabilize our business and better leverage our model going forward."

Cost Reduction and Strategic Investment Initiatives:
Since late in the fourth quarter of 2007, Select Comfort has accelerated initiatives to improve bottom-line performance including significantly reducing general and administrative costs, sales and manufacturing costs, and raising prices on select models.

The cumulative benefit to our cost structure from these initiatives is expected to exceed $30 million over the balance of the year and $45-plus million on an annualized basis. Specifically, the company:

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