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Net sales zoom 36% at Select Comfort

19
Apr '12
Select Comfort Corporation reported first-quarter results for the period ended March 31, 2012. Net sales for the quarter increased 36 percent to $262 million, compared to $193 million in the first quarter of 2011, driven by company-controlled comparable sales growth of 34 percent - a quarterly record.

The company reported first-quarter GAAP earnings per diluted share of $0.39. Excluding a $5.6 million non-recurring, non-cash charge associated with the June 1, 2012 chief executive officer (CEO) transition, first-quarter adjusted earnings per diluted share was $0.45, a 50 percent increase versus $0.30 per diluted share in the first quarter of 2011.

"We're extremely pleased with our first-quarter performance because it demonstrates the continued success of our strategy as we build on strong results from the prior year," said Bill McLaughlin, president and CEO, Select Comfort.

"And the critical elements are in place for future success, including a proven growth formula, resources for sustained investment, and an experienced, talented leadership team that will enable the company to achieve its full potential."

Shelly Ibach, chief operating officer and incoming president and CEO, Select Comfort, stated, "Our record comparable-sales increase in the quarter reflects the strength of our customer-focused growth strategy.

"We continue to invest in broadening awareness for the differentiated Sleep Number brand and leveraging our position as a national retailer with exclusive, company-controlled distribution. As we look ahead, we are confident in our ability to continue generating earnings-per-share growth of at least 20 percent per year for the foreseeable future."

Fiscal 2012 Outlook:
The company anticipates 2012 GAAP earnings per diluted share, including the $5.6 million non-recurring charge, to be within the previously communicated range of between $1.32 and $1.40, a 23 to 31 percent increase versus prior year.

Excluding the charge, this represents an increase in non-GAAP guidance to between $1.38 and $1.46, a 29 to 36 percent increase versus prior year.

This outlook continues to assume company-controlled comparable sales growth of at least 15 percent and a net increase in store count from 381 at year-end 2011 to between 400 and 410 by year-end 2012. It also continues to assume a year-over-year increase in operating margin of at least 100 basis points.

The company continues to anticipate that 2012 capital expenditures will be approximately $50 million, reflecting new stores, repositioned stores and remodels, along with continued investment in customer-management systems. While the company had no share repurchases during the quarter, it reiterates its plans to initiate share repurchases in 2012, with the objective to maintain share count.

Select Comfort Corporation


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