Select Comfort Shares Sink on Earnings Warning
It blamed a shifting media buying strategy for soft sales
Shares of Select Comfort (NASDAQ:SCSS) plunged more than 15% in Monday midday trading after the company said that February sales were weaker than expected.
The mattress maker blamed slower sales on changes to its media marketing strategy. It also warned that it will likely fall short of Wall Street estimates for its fiscal first quarter, CNNMoney noted.
Shares of rival mattress producers also fell in Monday trading, with Sealy (NYSE:ZZ) slipping fractionally, while Tempur-Pedic (NYSE:TPX) fell more than 3%.
Article printed from InvestorPlace Media, http://investorplace.com/2013/03/select-comfort-shares-sink-on-earnings-warning/.
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