Select Comfort sales up 9% in third quarter
Same-store sales rise 16% for the manufacturer and retailer
Furniture Today Staff -- Furniture Today, October 21, 2010
MINNEAPOLIS — Select Comfort's net income surged 52% in the third quarter as sales rose 9% and same-store sales grew 16%, the airbed manufacturer and retailer reported.
Earnings of $10.5 million or 19 cents per share in the quarter ended Oct. 2 were up from $6.9 million or 15 cents per share in the comparable period last year. Sales of $160 million were up from $147 million a year ago.
"We continue to demonstrate strong sales growth and operating margin expansion, despite an uncertain environment. And we are particularly pleased with our same-store growth as we lapped more difficult comparisons from the third quarter a year ago," said Bill McLaughlin, president and CEO.
He said the company will continue to invest in media, stores and product development "with the goal of sustaining above-market sales growth into next year."
The company said the same-store sales growth was offset by the closing of 28 stores since the beginning of the third quarter of 2009 and the termination of some retail partner relationships. It ended the latest quarter with 392 stores.
Select Comfort said the quarter's results included a valuation allowance adjustment for income taxes and a one-time charge for terminated financing charges. Excluding those item, net income would have been 18 cents per share.
Based on the third-quarter performance, the company said it has increased its previous earnings guidance and expects to report net income of 52 to 55 cents per share for the full year 2010.
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