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Select Comfort’s first quarter sleep number: -$2.7M

Select Comfort‘s sales continue to slump like an aging futon. The bed retailer reported today that sales decreased 17 percent to $168 million in the first three months of 2009.

The company lost $2.7 million during the quarter, but CEO Bill McLaughlin said the company successfully cut costs, hung onto cash and “re-ignited” the Sleep Number brand.

“Our progress during the first quarter affirms that we have the right strategies in place for 2009,” McLaughlin said.

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