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): September 16, 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 September 16, 2002, the registrant issued a press release, as
follows:
FOR IMMEDIATE RELEASE Contact: Mark Kimball (763) 551-7070
Select Comfort Corporation
SELECT COMFORT CORPORATION EXPECTS
THIRD QUARTER SALES TO EXCEED GUIDANCE
Minneapolis, Minn. (September 16, 2002) - Select Comfort Corporation (NASDAQ:
SCSS), the nation's leading bed retailer, announced today that it expects to
exceed the high end of its previously announced third quarter guidance of $72
million to $78 million in net sales. The company will report results for the
third quarter ended Sept. 28, 2002, on October 15, 2002.
"Strong execution of advertising, sales development and product
development programs have continued to propel momentum in third quarter," said
Bill McLaughlin, president and chief executive officer. "Our comparable store
sales have remained strong, exceeding 25 percent for the first two months of the
third quarter despite sluggish sales in the mattress industry and other retail
sectors."
McLaughlin credited the company's sustained growth following a
first-half sales increase of 24 percent to a number of factors, including: the
company's improved product offerings and mix; expanded home delivery service;
and the Sleep Number(R) advertising campaign, which continues to perform well.
Select Comfort also announced that its board of directors has
authorized a stock repurchase program of up to $6 million. "This stock
repurchase authorization provides us the flexibility to act upon advantageous
stock market conditions, allowing us to proactively reduce potential dilution
from employee stock ownership and incentive programs," said McLaughlin.
Any purchases under Select Comfort's open-ended stock repurchase
program may be made in the open market from time to time, through block trades
or otherwise, in accordance with the requirements of the Securities and Exchange
Commission. As of September 16, 2002, Select Comfort has 29.6 million shares
outstanding. The program is effective immediately.
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Founded in 1987, Select Comfort Corporation is the nation's leading bed
retailer (1), holding 27 U.S. issued or pending patents for its personalized
sleep products. The company designs, manufactures and markets a line of
adjustable-firmness mattresses featuring air-chamber technology, including the
Sleep Number bed, as well as foundations and sleep accessories. Select Comfort's
products are sold through its 321 retail stores located nationwide, including
leased departments in Bed Bath & Beyond stores; through selected bedding
retailers; through its national direct marketing operations; and on the Internet
at www.selectcomfort.com.
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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 of our
advertising and promotional efforts, 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.
(1) Top 25 Bedding Retailers, Furniture Today, August 12, 2002
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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: September 16, 2002 By: /s/ Mark A. Kimball
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Title: Senior Vice President
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