Dallas, Texas 07/19/2013 (Financialstrend) – Select Comfort Corp. has recently announced its second quarter profit was down by 42% as the mattress seller had recorded higher operating expenses and weaker margins. As per the report, the profit of $9.9 million that is 18 cents per share which is down from $17 million that is equivalent to 30 cents per share in the fiscal year 2012. Revenue for the company had rose to 1.1% to $2.7.4 million.
The company had frequently posted profit growth for more than 2 years but the first-quarter sales would have been hurt by changes in its media buying strategy. The chief executive has announced that the company had seen sequential monthly strengthened performance and sales improvement since they reestablished its proven media buying formula. They have also made some progress on their top priorities, local market development and production innovation that helps to position the company for short and long term growth. As per the analysis, the stocks have rated with Hold rating by five study analysts and the firm has currently got a consensus Buy rating.
Shares of Select Comfort Corp. (NASDAQ:SCSS) had moved on to lose 9.53% on Friday and thereby closed at $24.03 per share for the day. The company had recorded intraday price fluctuations moving from as low as $23.90 to as high as $25.65 on the day. The 52 week low for the stock is at $16.62 and 52 week high is at $34.38 per share.
The company holds 55.60 million shares and 96% of institutional ownership with a market cap of $1.34 billion. On Friday, there had been a trading volume of 5.42 million shares of the company while the average is at 1.28 million shares per day.