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Sales up 7% at Select Comfort in Q1 FY'14
Apr '14
Select Comfort Corporation reported first-quarter 2014 results for the period ended March 29, 2014.
Net sales increased 7% to $276 million, compared to $258 million in the first quarter of 2013, including comparable sales growth of 2%. Operating income decreased to $25.8 million, compared with operating income of $35.2 million in the first quarter of 2013.
Earnings per diluted share were $0.31, compared with $0.41 in the first quarter of 2013 on an as-adjusted basis (excluding CEO transition benefit).
Cash flows from operating activities were $39 million in the first quarter, compared with $45 million in the prior year’s first quarter. Capital expenditures increased to $16.7 million as compared to $14.3 million in 2013. 
During the first quarter, the company repurchased 0.6 million shares of its common stock for a total cost of $10 million. As of the end of the quarter, cash, cash equivalents and marketable-debt securities totaled $143 million, and the company had no borrowings under its revolving credit facility.
“We are pleased with our results, which were in line with internal expectations. 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,” said Shelly Ibach, president and CEO, Select Comfort.
Financial Outlook
As previously communicated, 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.

Select Comfort

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