Select Comfort 1Q sales up 37%
By Furniture Today Staff -- Furniture Today, April 18, 2004
MINNEAPOLIS — Airbed manufacturer and retailer Select Comfort said its sales jumped 37% in the first quarter, and raised its earnings guidance.
In preliminary results, the company said it had sales of $140 million in the quarter. A same-store sales gain of 25% was led by better-than-expected improvements in product mix and related gains in average unit selling price.
Select Comfort said it expects to post earnings of 17 cents to 18 cents per share, compared with 11 cents per share in last year's first quarter. The company will report full results after the stock market closes April 20.
"Solid execution of our core strategic initiatives continues to result in consistently strong sales and earnings growth for Select Comfort," said Bill McLaughlin, president and CEO. "To sustain profitable growth, we will continue to invest in product innovation while strategically growing awareness and expanding distribution."
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