Select Comfort Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 29, 2012; Provides Earnings Guidance for the Full Year of 2013; Plans to Open New Stores by Year End 2013
January 24, 2013 at 05:00 pm EST
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Select Comfort Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 29, 2012. Net sales increased 17% to a fourth quarter record of $221 million. Comparable sales grew 11% on top of a 31% comp in the fourth quarter of 2011. EPS was $0.22 versus an adjusted EPS of $0.24 in fourth quarter 2011. Operating income was $19,414,000 against $19,970,000 a year ago. Income before income taxes was $19,504,000 against $19,974,000 a year ago. Net income was $12,495,000 against $15,370,000 a year ago. Adjusted EBITDA was $25,939,000 against $25,064,000 a year ago.
Net sales increased 26% year-over-year to a full year record of $935 million, up from $743 million in 2011. Comparable sales grew 23%, a 49% increase in 2-years stack comp growth. Adjusted operating margin was a record 13.4%, up 120 basis points from prior year. Adjusted earnings per diluted share were $1.43, which represented a 34% increase over prior year. Operating income was $119,787,000 against $90,453,000 a year ago. Income before income taxes was $120,005,000 against $90,420,000 a year ago. Net income was $78,094,000 or $1.37 diluted per share against $60,478,000 or $1.07 diluted per share a year ago. Net cash provided by operating activities was $100,626,000 against $91,046,000 a year ago. Purchases of property and equipment was $51,593,000 against $23,527,000 a year ago. Adjusted EBITDA was $150,285,000 against $109,180,000 a year ago. Adjusted operating income was $125,382,000. Adjusted income before income taxes was $125,600,000. Adjusted net income was $81,748,000.
The company provides earnings guidance for the full year of 2013. The company expects full year 2013 earnings per share to increase 15% to 26% from an adjusted $1.43 in 2012 to between $1.65 and $1.80. The company expects 2013 CapEx of $70 million to $80 million.
The company plans increase the store count from 410 at year-end 2012 to between 435 and 445 by year-end 2013.
Sleep Number Corporation is a wellness technology company. The Company is engaged in designing, manufacturing, marketing, and distribution of advanced sleep solutions. Its wellness technology platform helps solve sleep problems, whether itâs providing individualized temperature control for each sleeper through its Climate360 smart bed or applying its 24 billion hours of longitudinal sleep data and expertise to research with global institutions. Its smart beds provide unmatched features, benefits and comfort that can lead to improved sleep health and wellness for both sleepers. Its smart bed ecosystem includes a full line of FlexFit smart adjustable bases that seamlessly integrate with Sleep Number smart beds, for an individualized sleep experience that is proven to deliver restful sleep per night. The Sleep Number bedding collection and upholstered furniture line are designed to improve sleep comfort and quality, including pillows designed to fit each individualâs sleeping position.
Select Comfort Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 29, 2012; Provides Earnings Guidance for the Full Year of 2013; Plans to Open New Stores by Year End 2013