Select Comfort Corp, posted a net loss of $6.6 million for the second quarter, compared t to net income of $2.9 million in the prior year.
The Minneapolis firm reported net sales of $152.1 million for the quarter ended June 28, a 15% decrease from $179 million last year.
The direct marketer and retailer of beds posted reduced e-commerce and direct-marketing sales,, with revenues in these channels declining 27% and 13%, respectively.
The company reported a gross profit margin of 59.6% for the quarter, 160 basis points below 61.2% in the prior year.
“We made important progress in the second quarter in reducing costs, stabilizing sales and laying the groundwork for a return to profitability in the second half of the year, even with growing inflationary pressures and weak macro-economic conditions,” said Bill McLaughlin, CEO, in a statement.. “We were encouraged by stabilizing sales trends and improved bottom-line performance compared with the first quarter, despite the fact that second quarter is historically our seasonal low point.”
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