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Select Comfort Q2 net sales rise 13% to $235mn
17
Jul '14
Select Comfort Corporation reported second-quarter 2014 results for the period ended June 28, 2014.
 
Second-quarter Financial Summary
-Net sales increased 13% to $235 million, compared to $207 million in the second quarter of 2013.
-Company-controlled comparable sales increased 7% year-over-year.
-Operating income totaled $12.7 million, or 5.4% of net sales.
-Earnings per diluted share were $0.16.
 
“Our second quarter results reflect the important role of product innovation in our strategy. Customers responded positively to our introductions, including our breakthrough SleepIQ technology,” said Shelly Ibach, president and CEO of Select Comfort. “We remain dedicated to our customer as we continue to transition the business through our growth initiatives. We know that when we focus on our customer, we deliver value for them and for our shareholders.”
 
Cash flows from operating activities were $50 million for the first six months of the year, compared with $36 million for the same period last year. Capital expenditures for the first six months of 2014 increased to $40 million as compared to $37 million in 2013. During the second quarter, the company repurchased 0.5 million shares of its common stock at a total cost of $10 million. As of the end of the quarter, cash, cash equivalents and marketable-debt securities totaled $121 million, inventories totaled $43 million and the company had no borrowings under its revolving credit facility.
 
Financial Outlook
The company reiterates its outlook for 2014 earnings per diluted share of $1.07. The company also plans to add 20 to 30 net new stores during 2014, ending the year with between 460 and 470 stores. It continues to expect full-year 2014 capital expenditures of $70-$80 million, with approximately one-half related to systems infrastructure, one-third related to market development and the remainder to support product innovations and other initiatives.
 

Select Comfort

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