Select Comfort increases 2010 earnings guidance

22 Apr '10

4 min read

The first quarter of 2009 included a valuation allowance adjustment for income taxes and asset impairment charges. Adjusting for these items, net loss would have been $0.02 per share. A reconciliation is provided at the end of this news release.

Fiscal 2010 Outlook
The company is increasing its previously announced guidance and now expects earnings per share in 2010 of between $0.45 and $0.50 per share. These earnings represent an increase in pre-tax earnings of more than 175 percent as compared to 2009. This outlook assumes a continuation of recent sales trends, adjusted for normal seasonality, for the balance of 2010. The company expects to generate positive same-store growth throughout the year, although it anticipates that the rate of growth will slow as year-over-year comparisons become more difficult, specifically in the back half of the year.

The company concluded the first quarter of 2010 with 399 stores and expects to end fiscal 2010 with between 380 and 390 stores after the consolidation of planned store openings and closings. The company expects that 2010 capital expenditures will be approximately $15.0 million.

Select Comfort Corporation

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