CORRECTED-UPDATE 1-Mattress maker Select Comfort's beats Street, shares rise
(Corrects paragraph 7 to clarify that Wedbush analysts' comment is from a pre-earnings note)
July 16 (Reuters) - Specialty mattress maker Select Comfort Corp's quarterly net sales and profit beat analysts' expectations as company-controlled same-store sales rose 7 percent.
Select Comfort shares rose 16 percent in extended trading. Shares of rival Tempur Sealy International Inc also rose 2.4 percent.
This was the second straight quarter when Select Comfort beat estimates after missing them five times in a row.
Net income fell to $8.5 million, or 16 cents per share, in the quarter ended June 28 from $9.9 million, or 18 cents per share, a year earlier.
Net sales rose 13 percent to $234.7 million.
Analysts on average had expected earnings of 14 cents per share on revenue of $223.7 million, according to Thomson Reuters I/B/E/S.
Wedbush analysts had said in a pre-earnings note that a material turnaround in Select Comfort's business was likely only later in the year, given weak consumer spending and discounting.
The company's same-store sales fell throughout the year ended Dec. 28.
Select Comfort shares closed at $18.98 on the Nasdaq on Wednesday. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das)
- iPhone comes out of a 'bygone era', reviewers hail bigger handset
- Scots' support for independence lags on eve of referendum |
- Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Fed may hint on rate-hike plan as it prepares for policy turn
- Islamic State campaign tests Obama's commitment to Mideast allies