Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The web accounted for 8.7% of sales compared with 10.8% in the prior year.
The web continued to decline as a sales channel for bed maker and retailer Select Comfort Corp. as the company opens up more stores.
For the year ended Dec. 31, Select Comfort, No. 219 in the Internet Retailer Top 500 Guide, reported:
- Web sales decreased 1.1% to $64.7 million from $65.4 million in the second quarter of 2010.
- Total sales increased 22.7% to $743.2 million from $605.7 million.
- Comparable-store sales increased 26%.
- Net income increased year over year 115.5% to $15.3 million from $7.1 million.
The web accounted for 8.7% of total sales compared with 10.8% in the second quarter of 2010.
“Our financial results in 2011 mark a year of significant progress for our company as we refined our top-line growth formula and achieved record bottom-line leverage and profitability,” CEO Bill McLaughlin says. “Building on a strong 2010, we continued to attain top-tier comparable sales increases through our integrated and customer-focused approach to marketing, distribution and product innovation.”
For the fourth quarter:
- Web sales increased 15.0% to $17.6 million from $15.3 million in the fourth quarter of 2010.
- Total sales increased 26.8% to $189.0 million from $149.0 million.
- Net income increased year over year 91.5% to $60.5 million from $31.6 million.
The web accounted for 9.3% of total sales compared with 10.3% in the first two quarters of 2010.
Select Comfort operates a network of 380 stores.