BOSTON (Thomson Financial) - Shares of Select Comfort Corp. Thursday hit a
new 52-week low after the Minneapolis, Minn.-based bed retailer said it expects
fourth-quarter results to fall short of its previous guidance.
The stock was down 31% at $6.99 on heavy volume of nearly 3.4 million. The
issue's 30-day average volume is 892,963. Earlier, the stock hit a 52-week low
of $6.88.
In a Form 8-k filed on Wednesday, the company said it expects difficult
sales trends to continue into 2008. "Fourth quarter sales have proven to be more
difficult than we anticipated and are now expected to result in a year over year
decline."
A year ago, the company posted fourth-quarter sales of $198 million.
Select Comfort did not provide a specific guidance for the fourth quarter of
2007, "given the volatile consumer environment and the uncertain timing of
impacts related to its initiatives,"
Analysts polled by Thomson Financial, on average, forecast earnings of 24
cents a share on sales of $212 million.
Casey Logan
cl/pc
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