Select Comfort Moves 14% On Quarterly Results
Shares of Select Comfort (NASDAQ: SCSS) jumped higher in Wednesday's after-hours session after the company beat top and bottom line estimates.
Revenue beat the analyst estimate by five percent at $235 million versus $223.7 million. Year over year, this is a 13.3 percent increase. CEO Shelly Ibach commented on sales, “Our second quarter results reflect the important role of product innovation in our strategy. Customers responded positively to our introductions, including our breakthrough SleepIQ technology.”
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Earnings topped Wall Street’s estimate by 14.3 percent at $0.16 per share. However, this is a 33 percent drop from the second quarter of 2013. The lack of scale was shown with higher cost of goods sold as a percentage of sales.
Select Comfort also reiterated its full year 2014 guidance. EPS is expected to be $1.07 with capital expenditures ranging from $70 to $80 million. The release also stated that Select Comfort wants to open 20 to 30 new stores throughout 2014.
Shares of Select Comfort were last trading 12.2 percent higher after-hours at $21.30.
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