UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JULY 8, 2002
SELECT COMFORT CORPORATION
(Exact name of registrant as specified in its charter)
MINNESOTA 0-25121 41-1597886
(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
6105 TRENTON LANE NORTH
MINNEAPOLIS, MINNESOTA 55442
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (763) 551-7000
ITEM 9. REGULATION FD DISCLOSURE.
On July 8, 2002, the registrant issued a press release, as follows:
FOR IMMEDIATE RELEASE CONTACT: Mark Kimball (763) 551-7070
July 8, 2002 Select Comfort Corporation
SELECT COMFORT CORPORATION
ANNOUNCES STRONG SECOND QUARTER SALES
SECOND QUARTER NET SALES INCREASE BY MORE THAN 20% VERSUS 2001;
SECOND QUARTER EARNINGS TO EXCEED EARLIER EXPECTATIONS
MINNEAPOLIS, MINN. (July 8, 2002) - Select Comfort Corporation (NASDAQ: SCSS)
today announced that net sales for the second quarter ended June 29, 2002 were
approximately $77 million, up more than 20 percent from last year's second
quarter net sales of $62.7 million. This performance is above our earlier
expectations and previously provided guidance and is the second consecutive
quarter the company has recorded sales growth in excess of 20 percent. Each of
the company's four distribution channels recorded double-digit sales gains
during the second quarter, including comparable store sales increases of 21
percent.
The company is in the process of finalizing results for the quarter, but expects
to report fully diluted earnings per share in the range of $0.07 to $0.09, based
on approximately 34 million fully diluted shares outstanding, compared with a
loss of $0.19 in the second quarter of last year. Full results for the quarter -
the company's fourth consecutive profitable quarter -- are scheduled for release
after close of business on July 15.
"We are very pleased with the continuation of our robust first quarter sales
trends in this uncertain economic environment, and are ahead of schedule to meet
sales, profit and market share goals for 2002" said Bill McLaughlin, chief
executive officer. "We expect double-digit growth to continue into the second
half of the year, although sales growth rates may moderate as we lap the
year-ago introduction of our new advertising campaign and other growth
initiatives."
The company plans to release full financial results for the second quarter after
the close of business on July 15. Management will conduct a conference call to
discuss second quarter results on Tuesday, July 16, at 10:00 a.m. Central Time.
A simultaneous webcast of the call will
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be available in the Investor Relations section of www.selectcomfort.com. A
digital replay of the conference call will be accessible beginning at
approximately 1:00 p.m. Central Time on Tuesday, July 16, through 5:00 p.m.
Central Time on Tuesday, July 23, 2002. To access the replay, please call
800-642-1687 from anywhere in the U. S. International callers may dial
706-645-9291. The passcode for the replay is 4839807. An archived replay of the
conference call may also be accessed after approximately 12:30 p.m. Central Time
on Tuesday, July 16, at www.selectcomfort.com.
Founded in 1987, Select Comfort Corporation is the leader in sleep
solutions technology, holding 27 U.S. issued or pending patents for its
products. The company designs, manufactures and markets a line of
adjustable-firmness mattresses, including the SLEEP NUMBER(R) bed, as well as
foundations and sleep accessories. Select Comfort's products are sold through
its 321 retail stores located nationwide, including 20 leased departments in Bed
Bath & Beyond stores; through its national direct marketing operations; and on
the Internet at www.selectcomfort.com.
Statements used in this press release that relate to future plans, events,
financial results or performance are forward-looking statements that are subject
to certain risks and uncertainties including, among others, such factors as
general and industry economic trends, consumer confidence, effectiveness and
efficiency of our advertising and promotional efforts, consumer acceptance of
our products and sleep technology, industry competition, our dependence on
significant suppliers, including United Parcel Service (UPS) for delivery of our
sleep systems and Conseco Finance for extension of consumer credit, and the
vulnerability of any such suppliers to recessionary pressures, labor
negotiations, liquidity concerns or other factors, as well as the risk factors
listed from time to time in the company's filings with the SEC, including the
company's Annual Report on Form 10-K and other periodic reports filed with the
SEC.
The company has no obligation to publicly update or revise any of the
forward-looking statements that may be in this news release.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SELECT COMFORT CORPORATION
(Registrant)
Dated: July 8, 2002 By /s/ Mark A. Kimball
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Title: Senior Vice President
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