Home / Knowledge / News / Textiles / Select Comfort Q4 earnings & sales in-line with previous guidance

Select Comfort Q4 earnings & sales in-line with previous guidance

08
Feb '07
Select Comfort Corporation announced results for the fiscal fourth quarter ended Dec. 30, 2006. Fourth quarter earnings totaled $0.20 per diluted share, a decrease of 29 percent compared to $0.28 per diluted share in the fourth quarter of 2005.

Net sales increased 6 percent to $198.0 million, and net income decreased 32 percent to $10.8 million, compared to net sales of $187.5 million and net income of $15.8 million in the fourth quarter of 2005.

Net income in the fourth quarter of 2006 included a $4.2 million asset impairment charge, $0.05 per diluted share after-tax, associated with the company's decision to adopt a fully integrated SAP Enterprise Resource Planning (ERP) system that is expected to launch in early 2008.

Earnings for the year totaled $0.85 per diluted share, an increase of 12 percent compared to $0.76 per diluted share in 2005. Net sales increased 17 percent to $806.0 million, compared to $689.5 million in 2005.

If full year 2005 results had included stock option expense, earnings would have been $0.69 per diluted share in the prior year, and 2006 earnings of $0.85 per diluted share would represent earnings growth of 23 percent. A reconciliation of this 2005 pro-forma measure accompanies this press release.

"Despite a challenging fourth quarter, we had a solid year with revenue growth of 17 percent and earnings growth of 23 percent on a like-for-like basis, adjusting 2005 for accounting rule changes related to stock option expense, while absorbing $6.0 million in asset impairment charges in 2006," said Bill McLaughlin, Select Comfort chairman and chief executive officer.

"This year's results were in-line with our long-term targets and marked our fifth consecutive year of double-digit revenue and earnings growth."

Click here to read more:

Select Comfort Corporation, USA


Must ReadView All

Pic: Shutterstock

Textiles | On 23rd Sep 2021

Global economic recovery continues but remains uneven: OECD

The global economy is growing far more strongly than anticipated a...

Pic: Shutterstock

Textiles | On 23rd Sep 2021

President Biden plays down probability of US-UK trade deal

US President Joe Biden has played down the chances of a post-Brexit...

Pic: Shutterstock

Textiles | On 23rd Sep 2021

ADB revises down Cambodia’s growth forecast, sees rebound in 2022

Cambodia’s economy is projected to grow by 1.9 per cent this year...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Gus Bartholomew,

Gus Bartholomew

<b>Gus Bartholomew</b>, co-founder of SupplyCompass, explains to <b>Subir...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search