MINNEAPOLIS \u00e2\u20ac\u201d Despite a difficult fourth quarter that saw comparable-store sales from
\n\t\t
\nits company-owned stores fall 9%, airbed specialist Select Comfort recorded sales and earnings increases for 2013.<\/p>\n
The company said last year\u00e2\u20ac\u2122s sales totaled $806 million, up 16.9% from 2012. Net income, meanwhile, was 7.8% above 2012 at $47.2 million or 85 cents per share.<\/p>\n
Fourth-quarter sales were up 5.6% from the same period in 2012, as sales from stores open less than a year more than offset the comparable-store sales drop. The company ended 2013 with 442 stores, compared with 396 at the end of 2012.<\/p>\n
Fourth-quarter net income declined more than 30% from a year earlier, largely due to increased research and development expenses and a one-time charge of $4.2 million for a new computer system.<\/p>\n
During a conference call with securities analysts, Chairman and CEO Bill McLaughlin said Select Comfort will debut a new national advertising campaign in April, and is pursuing quality control and cost-cutting initiatives.<\/p>\n
The ad campaign will move away from the emotional appeals of the past and focus on explaining how its Sleep Number bed works and why it delivers a good night\u00e2\u20ac\u2122s sleep, he said.<\/p>\n
McLaughlin said the company was not satisfied with its incremental growth in existing markets last year. As a result, it will put more emphasis on its company-owned stores this year while slowing the expansion of its product placements in traditional furniture and bedding stores.<\/p>\n
He said those moves include pulling the Sleep Number bed out of some 140 Sleepy\u00e2\u20ac\u2122s stores in the New York area and aggressively expanding its own store network in that market.<\/p>\n
\u00e2\u20ac\u0153We\u00e2\u20ac\u2122re not seeing as much incremental growth in that market as we think there can be,\u00e2\u20ac\u009d he told analysts.<\/p>\n
McLaughlin said 2014 sales should total $900 million to $925 million. He projected earnings per share at $1.02 to $1.09.<\/p>\n
The company expects to open about 40 stores in 2014 and relocate or expand an additional 30 units.<\/p>\n","protected":false},"excerpt":{"rendered":"
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