Plymouth-based Select Comfort Corp. posted third-quarter earnings Wednesday that rose 52 percent from a year ago, thanks to new store openings, remodeling, margin improvements and product offerings.
The maker of adjustable air beds reported net income of $26.2 million, or 46 cents a share, a nickel better than analysts' consensus estimates.
Sales for the quarter rose 24 percent to $247 million with help from 20 new store openings during the last 12 months.
The company's restructuring plan is going so well that officials raised their earnings forecast for the year to $1.45 to $1.47 a share from the prior guidance of $1.35 to $1.41 a share.
In a statement, CEO and President Shelly Ibach said, "Customers continue to enthusiastically respond to the Sleep Number brand experience."
Ibach said during the fourth quarter, Select Comfort plans to accelerate store openings, product introductions and advertising designed to build brand awareness under the Sleep Number name.
Ibach reiterated, "We remain committed to our goal of delivering greater than 20 percent annual earnings per share growth while exceeding $1.5 billion in sales and 15 percent operating margin by 2015.
Select Comfort has 394 stores and designs and manufactures beds and related products. During the third quarter, average retail store sales rose 31 percent from a year ago to a record $2.1 million.
Dee DePass • 612-673-7725
