Select Comfort Corp. Wednesday posted better-than-expected revenue and earnings for its first quarter, the latest in a series of improved results from mattress makers that have been seeing a rebound from last year.
The Plymouth-based manufacturer of dial-a-firmness mattresses reported earnings of $7.8 million or 14 cents a share, compared with a loss of $2.7 million, or 6 cents a share, for the same period last year. Sales increased 13 percent to $158 million.
Analysts surveyed by Thomson Reuters had estimated earnings per share of 9 cents on revenue of $140.6 million.
Shares rose almost 8 percent Wednesday, hitting a 52-week high of $9.32.
Select Comfort isn't alone in enjoying a resurgence in mattress sales. Earlier this week Tempur-Pedic International reported that earnings for its first quarter rose from $13.3 million to $33.1 million. Sealy Corp. last month reported a 31 percent increase in earnings.
Select Comfort's increased sales were driven by a 29 percent rise in same-store sales, offset by the impact of closing 76 stores since the beginning of 2009 and ending some retail partnerships at the end of the third quarter. Those avenues -- the shuttered stores and partnerships -- represented $12.8 million in sales in the first quarter of 2009. Direct marketing and Internet sales increased by a combined 16 percent from last year.
Susan Feyder • 612-673-1723
