Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce revenue declined year over year 14%.
Web sales at mattress maker and retailer Select Comfort Inc. declined in the second quarter as the company focused on growing sales in its 400 bricks-and-mortar stores..
For the second quarter ended July 2, Select Comfort, No. 219 in the Internet Retailer Top 500 Guide reported:
- Web sales declined 13.6% to $14.0 million from $16.2 million in the second quarter of 2010.
- Total sales increased 16.2% to $161.5 million from $139.0 million.
- Comparable-store sales increased 20%.
- Net income increased year over year 82.3% to $11.3 million from $6.2 million.
Internet Retailer calculates the web accounted for 8.7% of total sales compared with 11.7% in the second quarter of 2010.
Web sales are decreasing in large part because Select Comfort is concentrating more resources on its stores. “We sustained double-digit comparable sales growth and strong margins, which allowed us to report record-setting second quarter operating income,” says CEO Bill McLaughlin.
For the first two quarters:
- Web sales declined 11.2% to $30.8 million from $34.7 million in the first two quarters of 2010.
- Total sales increased 19.4% to $354.5 million from $297.0 million.
- Net income increased year over year 99.3% to $27.9 million from $14 million.
Internet Retailer calculates the web accounted for 8.7% of total sales compared with 11.7% in the first two quarters of 2010.
Select Comfort also is reorganizing its operations and expanding the duties of two key executives. Shelly Ibach has been promoted to the newly created position of chief operating officer. Ibach was previously the company's executive vice president of sales and merchandising, and will now assume responsibility for consumer insights, sales, marketing and product management.
Kathy Roedel, Select Comfort's executive vice president of product, services and operations, also now takes on the role of chief technology and services officer. She will focus on deepening the company's product development, delivery and services capabilities, says Select Comfort.