Select Comfort Lets the Bed Bugs Bite
The clock is ticking on Select Comfort (NASDAQ: SCSS), and not just because it's changing its name and ticker symbol in two weeks. The company behind the Sleep Number adjustable air-chambered mattress fell short of expectations in its latest quarterly report after Tuesday's market close.
Net sales rose 9% to $402.6 million as expansion and a 5% uptick in comps combined to drive Select Comfort's top-line results. Net income dipped slightly as costs outpaced sales growth, though aggressive share buybacks pushed earnings on a per-share basis up to $0.62 a share. Analysts were holding out for a profit of $0.68 a share on $413.9 million in net sales.
Investors know the drill. This is the second time in a row that top- and bottom-line results have fallen short of Wall Street expectations.
Source: Fool.com
