Select Comfort Stock Bounces Back Quickly
Tuesday was a trading day of redemption for Select Comfort (NASDAQ: SCSS) shareholders. Shares of the company behind the Sleep Number adjustable air-chambered mattress opened nearly 3% lower, only to close out the session 1.4% higher. That's a big turnaround for a stock that was trading as much as 10% lower in after-hours trading on Monday, after the company posted mixed financial results.
Select Comfort saw net sales climb 3% to $284.7 million, well short of the 8% analysts were expecting. It also posted a net loss of $0.02 a share; Wall Street pros were holding out for a small profit. Falling short on both ends of the income statement is never pretty, but the results come with some asterisks. A new supplier's inventory shortage caused a week's worth of deliveries to be delayed, pushing $25 million of net sales into the third quarter. The shipment hiccup resulted in a an estimated $0.12 hit to earnings. Adjust results for the delayed deliveries, and Select Comfort's profit of $0.10 a share and net sales of nearly $310 million would've been well ahead of analyst targets.
Image source: Select Comfort.
Source: Fool.com
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