Select Comfort loses $2.7M.
Furniture-Today, May, 2009
By Larry Thomas
MINNEAPOLIS - Mattress manufacturer and retailer Select Comfort recorded a first-quarter net loss of $2.7 million as sales slid 17%.
The loss, which equals 6 cents per share, was less than half the net loss recorded in the first quarter of last year.
Select Comfort said it reduced its loss and preserved cash by, among other things, slashing marketing and capital expenditures, closing 30 retail stores, and restructuring its supply chain.
In addition, the company relaunched its Sleep Number mattress line, focusing on price points below $1,500 in queen.
'During the quarter, we achieved our goals of significantly improving operating performance and generating positive cash flow, despite continued difficult...
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