Select Comfort Shares Drop After Earnings Miss, Outlook

By Wallace WitkowskiMarketsMarketWatch Pulse

Select Comfort Corp. shares plunged in the extended session Wednesday after the maker of Sleep Number beds missed on quarterly earnings and forecast a profit range that mostly fell below Wall Street estimates. Select Comfort shares dropped 18% to $17.68 after hours. The company reported third-quarter earnings of 56 cents a share on revenue of $368 million. Analysts surveyed by FactSet had estimated 57 cents a share on revenue of $391 million. For the year, Select Comfort sees earnings of $1.15 to $1.25 a share, while analysts expect $1.23 a share. "Our outlook does not contemplate a further deterioration of the consumer spending environment," the company said in a statement.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below