Select Comfort shares plunge on weak holiday sales
(Reuters) - Select Comfort Corp (SCSS.O), a specialty mattress maker, estimated holiday-quarter sales below analysts' expectations, blaming a slowdown from Cyber Monday through December.
Shares of Select Comfort plunged 20 percent in early trading on the Nasdaq after the company warned that the weak shopping trends would continue this year.
The company estimated fourth-quarter sales of about $231 million and company-controlled same-store sales to be flat.
It expects profit to be below the low end of its forecast of 18 cents to 26 cents per share.
Analysts on average were expecting sales of $241.7 million, according to Thomson Reuters I/B/E/S.
The company's shares were down 18 percent at $17.53 in morning trade. They fell to a low of $17.14 earlier in the session.
(Reporting by Devika Krishna Kumar; Editing by Savio D'Souza)
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