Select Comfort Corp. on Wednesday increased its yearly guidance after first-quarter results that set records for the company.
First-quarter sales were $349.8 million, up 26.5 percent from the same period a year ago. Earnings per share were 54 cents, up 74 percent from the 31 cents a share posted last year.
Net income was $28.8 million, up from $17 million in the first quarter last year.
The results blew past analysts' estimates of earnings per share of 41 cents and sales of $332.6 million. Select Comfort announced the results as the market closed. In the first 15 minutes after the release, the stock went up more than $1.50, or 4 percent, in after-hours trading.
"Continued strong consumer response to the combination of our advertising, benefit-driven products and differentiated retail experience delivered performance ahead of expectations," said Shelly Ibach, president and CEO of Select Comfort. "Our investments in innovation, technology and distribution are growing the business in a sustainable, profitable manner and creating value for our shareholders."
The company increased its full-year 2015 earnings per share forecast to $1.35, up from its previous estimate of $1.30.
Catherine Roberts
