Select Comfort Corp. said Monday that it will likely miss its internal sales goals for the first-quarter, Twin Cities Business reports. The company's stock fell more than 15 percent to its lowest level since October 2011.
The Plymouth-based maker of Sleep Number adjustable beds said that it "has experienced below-plan sales" since the start of February.
“We believe this is a short-term issue associated with accelerated changes made to our media-buying strategy, and we are making the necessary corrections to both media buying and near-term expenses,” Select Comfort President and CEO Shelly Ibach said in a statement, the Business Journal reports. “We remain confident in our growth formula and are committed to our strategy of delivering an unparalleled sleep experience for our customers.”
The Star Tribune notes the company will announce its first-quarter earnings on April 17.
In January, Select Comfort said its fourth-quarter sales soared nearly 17 percent, but net income fell nearly 19 percent.