Select Comfort cuts full-year forecast after profit misses estimates
April 17 (Reuters) - Select Comfort Corp posted a first-quarter profit that missed Wall Street expectations as comparable sales fell 9 percent, and the specialty mattress maker cut its full-year profit outlook.
The company expects to earn between $1.30 and $1.45 per share, down from its prior forecast of $1.65 to $1.80 per share.
Net income rose to $23.5 million, or 42 cents per share, in the first quarter from $22.4 million, or 39 cents per share, a year earlier.
On an adjusted basis, the company earned 41 cents per share.
Revenue fell 1.58 percent to $258.2 million.
Analysts on average had expected earnings of 43 cents per share on revenue of $288 million, according to Thomson Reuters I/B/E/S.
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