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8-K
SLEEP NUMBER CORP filed this Form 8-K on 10/17/2017
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Select Comfort Announces Third-quarter 2017 Results – Page 4 of 9

SELECT COMFORT CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited – in thousands, except per share amounts)

 
Nine Months Ended
 
September 30,
2017
 
% of
Net Sales
 
October 1,
2016
 
% of
Net Sales
 
 
 
 
 
 
 
 
Net sales
$
1,081,218

 
100.0
%
 
$
997,846

 
100.0
%
Cost of sales
404,675

 
37.4
%
 
385,168

 
38.6
%
Gross profit
676,543

 
62.6
%
 
612,678

 
61.4
%
 
 
 
 
 
 
 
 
Operating expenses:
 

 
 
 
 

 
 
Sales and marketing
488,564

 
45.2
%
 
443,477

 
44.4
%
General and administrative
95,233

 
8.8
%
 
86,202

 
8.6
%
Research and development
20,950

 
1.9
%
 
21,661

 
2.2
%
Total operating expenses
604,747

 
55.9
%
 
551,340

 
55.3
%
Operating income
71,796

 
6.6
%
 
61,338

 
6.1
%
Other expense, net
(668
)
 
(0.1
%)
 
(581
)
 
(0.1
%)
Income before income taxes
71,128

 
6.6
%
 
60,757

 
6.1
%
Income tax expense
21,842

 
2.0
%
 
20,627

 
2.1
%
Net income
$
49,286

 
4.6
%
 
$
40,130

 
4.0
%
 
 
 
 
 
 
 
 
Net income per share – basic
$
1.18

 
 
 
$
0.86

 
 
 
 
 
 
 
 
 
 
Net income per share – diluted
$
1.16

 
 
 
$
0.85

 
 
 
 
 
 
 
 
 
 
Reconciliation of weighted-average shares outstanding:
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
41,740

 
 
 
46,705

 
 
Dilutive effect of stock-based awards
819

 
 
 
708

 
 
Diluted weighted-average shares outstanding
42,559

 
 
 
47,413