Select Comfort Q1 Profit Falls

(RTTNews) - Select Comfort Corp. (SCSS) reported net income for the first quarter of $17.0 million or $0.31 per share, compared to $23.5 million or $0.42 per share for the year-ago quarter.

Net sales for the first quarter increased 7% to $276.41 million from $258.24 million a year ago, including same-store sales growth of 2%.

Analysts polled by Thomson Reuters expected the company to earn $0.32 per share on revenue of $274.27 million for the first quarter.

As previously communicated, the company expects full-year 2014 earnings per share to approximate full-year 2013 adjusted earnings per share of $1.07. The outlook assumes mid- to high-single-digit total revenue growth and the addition of 20 to 30 net new stores during the year.