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    Select Comfort 4Q profit doubles, and shares climb

    Associated Press – Wed, Feb 8, 2012

    MINNEAPOLIS (AP) — Select Comfort Inc., which makes the Sleep Number mattress, said Wednesday its profit more than doubled in the fourth quarter on greater sales at company-controlled stores, and its shares jumped in after-hours trading.

    The company forecast a profit of $1.32 to $1.40 per share in 2012, while analysts were expecting $1.32 per share, on average.

    Select Comfort stock surged $2.33, or 8.6 percent, to $29.50 in late trading. The shares reached an annual high of $28.91 on Tuesday, and declined 3 cents to $27.17 during regular trading Wednesday.

    Select Comfort said it earned $15.4 million, or 27 cents per share. That included a one-time tax benefit that added 3 cents per share to its profit. A year earlier the company reported income of $7.1 million, or 13 cents per share. Revenue rose 27 percent to $189.1 million from $148.7 million.

    Analysts expected a profit of 22 cents per share and $181.3 million in revenue, according to FactSet.

    Select Comfort said sales at company-controlled stores open at least a year rose 31 percent during the quarter.

    For the full year, Select Comfort said its profit nearly doubled to $60.5 million, or $1.07 per share, from $31.6 million, or 57 cents per share. Revenue grew 23 percent to $743.2 million from $605.7 million. Its retail sales per store rose 33 percent to $1.7 million.

    The Minneapolis company said sales at company-controlled stores open at least a year will grow 15 percent or more in 2012. Select Comfort had 381 stores at the end of 2011 and expects to operate between 400 and 410 at the end of 2012. It also sells its mattresses and accessories via phone and online.

    Select Comfort said it will buy back a small number of shares to keep its share count close to its current levels. The company had about 56.9 million shares at the end of the year.

     

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