— Furniture Today,
MINNEAPOLIS — Select Comfort ’s first-quarter earnings were down 9% from a year earlier as sales rose 2%, the airbed retailer and manufacturer reported.


Gains from new store openings and the company’s retail partner program offset an 11% decline in comparable-store sales in the quarter. Select Comfort added five stores in the first quarter, bringing the total to 447, up from 402 a year earlier.

Sales amounted to $216.5 million and earnings were $10.7 million. Because of a reduced number of shares outstanding, earnings per share was unchanged from a year earlier at 21 cents.

“The year started much like we expected, with solid execution and continued operating improvement offsetting challenged revenue growth,” said Bill McLaughlin, Select Comfort chairman and CEO. “In keeping with our long-term focus, we protected margins and preserved brand integrity despite a highly competitive pricing and promotional environment.”

The company said it expects second-quarter earnings also to be below year-ago figures, reflecting a continuation of first-quarter sales trends, investments in long-term growth initiatives, and costs associated with new mattress flammability standards.

For the full year, it expects sales of $900 million to $925 million and earnings per share of $1.02 to $1.09.