Exhibit 99.1

 


 

Media Contact:

Gabby Nelson

(763) 551-7460

gabby.nelson@selectcomfort.com

Investor Contact:

Jim Raabe

(763) 551-7498

investorrelations@selectcomfort.com

 

 

 

SELECT COMFORT ANNOUNCES FOURTH QUARTER

AND FULL-YEAR 2008 RESULTS

Company Reports Significant Progress in Aligning Costs with Near-Term Sales Trends

 

MINNEAPOLIS – (March 19, 2009) – Select Comfort Corporation (NASDAQ: SCSS), the nation’s leading bed retailer and creator of the SLEEP NUMBER® bed, today announced results for the fiscal 2008 fourth quarter ended January 3, 2009. Net sales for the quarter totaled $131.1 million, a decrease of 31 percent, compared to $190.7 million in the fourth quarter of 2007. The company reported a fourth quarter net loss of $57.4 million, or $1.30 per diluted share, compared to net income of $2.2 million, or $0.05 per diluted share, in the fourth quarter of 2007. Fourth quarter results include $58.9 million in charges, including $32.1 million in asset impairments for stores and information systems, and a $26.8 million charge for the establishment of a deferred tax valuation allowance. Excluding these charges, the company would have reported a net loss of $11.4 million or $0.26 per diluted share.

 

“2008 was a difficult year for the entire bedding industry, including Select Comfort. Economic conditions deteriorated steadily as the year progressed, and consumer sentiment weakened further in the fourth quarter,” said Bill McLaughlin, president and CEO, Select Comfort Corporation. “Despite this, we achieved positive operating cash flow for the year as a result of proactive and aggressive cost-reduction actions, and we expect significant improvement in earnings for the first quarter of 2009.”

 

McLaughlin said the company is focused on three key priorities in response to the current economic challenges:

-more-

 



The following information was filed by Select Comfort Corp (SCSS) on Thursday, March 19, 2009 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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