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From Home Furnishing Business

Select Comfort Q1 Sales up 7 Percent

Bedding retailer Select Comfort Corp. (NASDAQ: SCSS) reported record first-quarter net sales of $276 million, a 7 percent year-over-year increase.

Net income for the period was down to $17 million from $23.5 million in first-quarter 2013. Comparable-store sales, though, were up 2 percent.

“We are pleased with our results, which were in line with internal expectations,” said Shelly Ibach, president and CEO, Select Comfort, Minneapolis. "We continue to make progress and are on track with our three important growth strategies: product innovation, marketing effectiveness and local market development. During the quarter, we introduced the most significant product innovations and marketing advancements in our company’s history. Customer reaction has been strong and we remain cautiously optimistic in an ongoing challenging consumer environment."

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 systems infrastructure; new, relocated and remodeled stores; and in support of product innovations.

Click here for the full Select Comfort release.



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