Select Comfort Corp. (SCSS) reported net income for the first quarter of $23.5 million or $0.42 per share, compared with $22.4 million or $0.39 per share for the year-ago quarter.
Excluding a CEO transition charge, adjusted earnings for the first quarter were $0.41 per share, compared to $0.45 per share in the prior year quarter.
Net sales for the quarter decreased 2% to $258.24 million from $262.38 million a year ago.
Analysts poled by Thomson Reuters expected the company to earn $0.43 per share on revenue of $287.95 million for the first quarter. Analysts' estimates typically exclude special items.
The company lowered its full-year 2013 earnings outlook to a range of $1.30 to $1.45 per share from its prior outlook of $1.65 to $1.80 pr share.
The company said the outlook reflects the impact of the media-buying issue and slowing industry trends, and assumes a company-controlled comparable sales increase for the remainder of the year of low- to mid-single digits. The outlook also reflects a net increase in store count from 410 at year-end 2012 to between 435 and 445 by year-end 2013.
Analysts currently expect the company to earn $1.52 per share for the full year 2013.
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