UPDATE 1-Select Comfort guides profit well below estimates; shares plunge
* Third-quarter earnings per share $0.36 vs est. $0.43
* Revenue up 7 percent to $264 million
* Forecasts fourth-qtr profit of 18-26 cents per share
* Shares down more than 20 pct in post-market trading
(Adds details, share movement)
Oct 16 (Reuters) - Specialty mattress maker Select Comfort Corp forecast current-quarter well below analysts' estimates as customers cut back on spending in the face of growing economic uncertainty, sending its shares down 25 percent.
Mattress makers have not been able to reap the benefits of a recovering U.S. housing market as cautious consumers defer the purchase of new mattresses when they move in to a new home.
Select Comfort said it expects current-quarter profit of 18-26 cents per share, which could miss the average analyst estimate by as much as 14 cents per share.
The company's third-quarter results also came in well below Wall Street expectations.
"Our execution was muted by a progressively more challenged macro-economic environment, resulting in performance below expectations," Chief Executive Shelly Ibach said in a statement.
Rival Tempur Sealy International Inc slashed its full-year profit forecast in July, while specialty bedding retailer Mattress Firm Holding Corp reported lower-than-expected second-quarter results in September.
Shares of Tempur and Mattress Firm also fell after Select Comfort's warning on Wednesday.
Select Comfort, known for its Sleep Number adjustable-firmness mattresses, said revenue rose 7 percent to $264 million.
Net income fell to $20.2 million, or 36 cents per share, from $26.2 million, or 46 cents per share, a year earlier.
Analysts on average had expected earnings of 43 cents per share on revenue of $277.5 million, according to Thomson Reuters I/B/E/S.
Select Comfort shares fell to $18.25 in extended trading after closing at $24.20 on the Nasdaq on Wednesday.
(Reporting by Aditi Shrivastava in Bangalore; Editing by Saumyadeb Chakrabarty)