Select Comfort reports 49% 4Q sales jump
By Furniture Today Staff -- Furniture Today, January 26, 2004
MINNEAPOLIS — Airbed manufacturer and retailer Select Comfort said sales soared 49% in the fourth quarter, including a 28% same-store gain over last year's final quarter.
The latest quarter was 14 weeks rather than 13 weeks in the 2002 period, but the same-store numbers were adjusted and reported as if both years had the same number of weeks.
Preliminary sales of $137 million in the quarter would bring sales to $458 million for the year, up 36% from 2002.
Net earnings are forecast at 26 cents to 28 cents per share for the fourth quarter, compared with reported EPS a year earlier of 21 cents, or 15 cents on a pro forma basis. Select Comfort says the pro-forma numbers better reflect performance, since reported earnings in 2002 were affected by tax benefits tied to losses in previous years.
Annual earnings for all of 2003 are estimated at 67 cents to 69 cents per share, compared with $1.09 per share in reported earnings, or 37 cents on a pro forma basis, for 2002.
Select Comfort plans to announce full results for 2003 on Feb. 10.
