Daily News
From Home Furnishing Business
Select Comfort Q4 Sales Rise 5 Percent
February 6,
2014 by in Financial Reports, Industry 
Specialty bedding retailer and manufacturer Select Comfort (NASDAQ:SCSS) reported a 5 percent increase in sales to $231 million during its fourth quarter.
For the period ended Dec. 28, net income of $6.4 million was 2.8 percent ahead of fourth-quarter 2012. Company-controlled comparable sales were flat year-over-year. During the quarter, Select Comfort, Minneapolis, opened 28 new stores and closed 11.
For the full year of 2013, net sales rose 3 percent to $960 million; and net income rose 5.7 percent to $12.5 million. Company-controlled comparable sales declined 4 percent year-over-year. Select Comfort opened 71 new stores and closed 41 in 2013, ending the year at 440 stores, a 7 percent increase versus year-end 2012.
“While we made important progress on strengthening our strategic differentiators and delivered five percent year-over-year sales growth, our financial performance in the fourth quarter did not meet our expectations,” said Shelly Ibach, president and CEO, Select Comfort. “As we look to 2014, we are cautiously optimistic about the combined impact of what we believe are fundamental product innovations and the most-tested, new advertising campaign in our history.”
The company expects full-year 2014 earnings per diluted share to approximate full-year 2013 adjusted earnings per diluted share of $1.07. This outlook assumes mid- to high-single-digit total revenue growth and the addition of 20 to 30 net new stores during the year.
The company currently anticipates that 2014 capital expenditures will be $70-$80 million, including investments in new, relocated and remodeled stores, as well as information technology.
Click here for the entire Select Comfort fourth-quarter and year-end release.