Select Comfort EPS nearly halves in Q4'13

06 Feb '14

2 min read

Select Comfort Corporation reported fourth-quarter and full-year 2013 results for the period ended Dec. 28, 2013.

Highlights:

Fourth-quarter Financial Summary

-Net sales increased 5% to $231 million, compared to $221 million in the fourth quarter of 2012.

-Company-controlled comparable sales were flat year-over-year.

-Operating income was $9.7 million, compared with $19.4 million in the fourth quarter of 2012.

-Earnings per diluted share were $0.12, compared with $0.22 in the prior year.

-During the quarter, the company opened 28 new stores and closed 11.

Full-year 2013 Financial Summary

-Net sales increased 3% to $960 million, up from $935 million in 2012.

-Company-controlled comparable sales declined 4% year-over-year.

-Earnings per diluted share on a GAAP basis were $1.08, compared to $1.37 per diluted share in 2012. Adjusted earnings per diluted share (excluding CEO transition benefit/costs) were $1.07 compared with $1.43 for the prior year.

-The company opened 71 new stores and closed 41 in 2013, ending the year at 440 stores, a 7% 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.”

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Select Comfort

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