(October 20, 2011) Shares of Select Comfort Corp. (NASDAQ: SCSS), a Minneapolis, Minnesota-based company, are seeing a huge rally in trading today. At last check, the Select Comfort stock was trading 17.49% higher at $18.94 on above average volume of 5.50 million.
Select Comfort shares are soaring in trading today after the company announced its third-quarter financial results. Select Comfort reported third-quarter net sales of $200 million, representing an increase of 25% over the same period in the previous year. The year-over-year increase in revenue was driven by company-controlled comparable sales growth of 26% and retail comparable sales growth of 29%.
Select Comfort reported third-quarter net income of $17.2 million, representing an increase of 64% over the same period in the previous year. The company’s earnings per share for the third quarter was $0.31, up from $0.19 reported for the same period in the previous year.
Bill McLaughlin, President and CEO of Select Comfort, said that the company’s outstanding performance in the third quarter further demonstrates the strength of its unique product and advantaged business model. McLaughlin further said that the success of the company’s strategic initiatives is helping drive profitable growth and increased share.
Select Comfort also raised its full year outlook following strong third-quarter financial results. The company now expects fiscal 2011 earnings to come in between $0.99 per share and $1.01 per share, compared with previous guidance range of $0.90-$0.96 per share.
About Select Comfort Corp.: Select Comfort Corp. is a designer, manufacturer, marketer and distributor of beds and other sleep-related accessory products.
- The Select Comfort stock has a 52-week range of $6.63-$19.40.
- The stock trades on a daily average volume of 992,786.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
Select Comfort reported strong third-quarter financial results and also raised its full-year earnings guidance. The company’s shares are soaring following the announcement.