Select Comfort Q3 Profit Tops Estimate; Boosts FY14 Outlook

(RTTNews) - Select Comfort Corp. (SCSS) reported net income for the third quarter of $23.6 million or $0.44 per share, compared to $20.3 million or $0.36 per share for the year-ago quarter.

Net sales for the third quarter increased 23% to $323.37 million, compared to $263.69 million in the third quarter of 2013. Comparable sales increased 16%.

Analysts polled by Thomson Reuters expected the company to earn $0.40 per share on revenue of $292.60 million for the third quarter.

The company also announced an increase in the outstanding share repurchase authorization to $250 million effective at the end of the fiscal third quarter.

Additionally, the company raised its full-year 2014 earnings outlook to $1.12 per share from its prior outlook of $1.07 per share. Analysts currently expect the company to earn $1.10 per share for the full year 2014.