Select Comfort Corp (SCSS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 28, 2013

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Select Comfort Corp
Ticker: SCSS CIK: 827187

Exhibit 99.1

FOR IMMEDIATE RELEASE

Select Comfort Reports Fourth-quarter and Full-year 2013 Results


•	Generates Fourth-quarter Net Sales of $231 Million, a 5% Year-over-year increase


•	Reports Fourth-quarter EPS of $0.12 and Full-year EPS of $1.08 on a GAAP basis


•	Provides 2014 outlook

MINNEAPOLIS - (Feb. 5, 2014) - Select Comfort Corporation (NASDAQ: SCSS) today reported fourth-quarter and full-year 2013 results for the period ended Dec. 28, 2013.

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.”

Cash from operating activities was $88 million for full-year 2013 compared to $101 million in 2012. Capital expenditures for full-year 2013 increased to $77 million as compared to $52 million in 2012, driven by increased investment in stores and information systems. During the fourth quarter, the company returned $10 million to shareholders through the repurchase of 0.5 million shares of its common stock, bringing full-year share repurchases to $40 million, or 1.8 million shares. As of the end of the quarter, cash, cash equivalents and marketable-debt securities totaled $145 million, and the company had no borrowings under its revolving credit facility.

Financial Outlook

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 new, relocated and remodeled stores, as well as information technology.

The following information was filed by Select Comfort Corp (SCSS) on Wednesday, February 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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