Select Comfort projects 4Q sales gain, with earnings flat
By Furniture Today Staff -- Furniture Today, January 16, 2005
Minneapolis — Airbed manufacturer and retailer Select Comfort expects earnings per share of 27 cents to 28 cents for the final quarter of 2004.
Fourth-quarter earnings per share in 2003 were 28 cents.
Select Comfort said preliminary sales for the latest quarter were $149 million, an increase of 8% over the final quarter of 2003. The last quarter of 2003 had 14 weeks versus 13 weeks in 2004. Adjusting for the extra week in 2003, sales in 2004 were up 17%.
For all of 2004, Select Comfort reported preliminary sales of $558 million, 22% higher than 2003 sales of $458 million. Earnings per share for the full year are expected to be 80 cents to 81 cents, compared with 69 cents in 2003.
Chairman and CEO Bill McLaughlin said, "We are pleased once again to be posting double-digit sales growth for the quarter, with sales rebounding in December after a slower than expected Thanksgiving weekend. Entering 2005, we remain committed to long-term growth and will continue to invest in product, service and brand awareness initiatives to deliver consistently strong sales and earnings growth."
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