-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LFMrONeT8MEZDEvng03cdIsgVRRTY0QE3rHdZDmJoFrC55dPpC33b9HGo3PMLjtv 262a6bmxaaEhvyyORNmj9g== 0000827187-07-000012.txt : 20070314 0000827187-07-000012.hdr.sgml : 20070314 20070314160436 ACCESSION NUMBER: 0000827187-07-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070314 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070314 DATE AS OF CHANGE: 20070314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELECT COMFORT CORP CENTRAL INDEX KEY: 0000827187 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD FURNITURE [2510] IRS NUMBER: 411597886 FISCAL YEAR END: 1206 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25121 FILM NUMBER: 07693742 BUSINESS ADDRESS: STREET 1: 6105 TRENTON LANE NORTH CITY: MINNEAPOLIS STATE: MN ZIP: 55442 BUSINESS PHONE: 7635517000 MAIL ADDRESS: STREET 1: 6105 TRENTON LANE NORTH CITY: MINNEAPOLIS STATE: MN ZIP: 55442 8-K 1 form8k031407.htm FORM 8K 031407 BUSINESS UPDATE TRANSCRIPT Form 8K 031407 Business Update Transcript


 

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): March 14, 2007
 
 
 
SELECT COMFORT CORPORATION
(Exact name of registrant as specified in its charter)
 
Minnesota
(State or other jurisdiction of incorporation or organization)
 
0-25121
41-1597886
(Commission File No.)
(IRS Employer Identification No.)

6105 Trenton Lane North, Minneapolis, Minnesota 55442
(Address of principal executive offices) (Zip Code)


(763) 551-7000
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 



 
ITEM 7.01. REGULATION FD DISCLOSURE
 
On March 14, 2007, Select Comfort Corporation provided a pre-recorded update on its business trends for first quarter 2007. A transcript of the recording is attached as Exhibit 99.1 to this Current Report on Form 8-K.
 

 
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
 
(c) Exhibits.
 
Exhibit 99.1  Transcript of recorded business update dated March 14, 2007
 
 

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
SELECT COMFORT CORPORATION
 
(Registrant)
   
Dated: March 14, 2007
By:      
 
       Mark A. Kimball
 
Title:  Senior Vice President


INDEX TO EXHIBITS

The exhibit listed in this index is being furnished pursuant to Item 9.01 of Form 8-K and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any document filed under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing.

Exhibit No.     Description of Exhibit
99.1        Transcript of recorded business update dated March 14, 2007
 
 
 
 
 
 
 
 
 

 
2

 
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Exhibit 99.1

First Quarter 2007 Business Update

Good afternoon and welcome to Select Comfort’s first quarter business update. This is Jim Raabe, Chief Financial Officer at Select Comfort Corporation. Today’s call was recorded for replay after the close of the financial markets on Wednesday, March 14. The replay will remain available on our website at www.selectcomfort.com until our next update, currently planned for Wednesday, April 25, 2007.

The information in this call contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which may cause actual results in future periods to differ materially from forecasted amounts. These risks are outlined in our earnings releases and discussed in some detail in our annual report on Form 10-K and other periodic filings with the SEC. We undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

As a reminder, it is not our practice to provide quarterly guidance. The purpose of our business update is to provide insight into current-quarter performance relative to the company’s annual targets that were most recently communicated on February 7th. These targets are as follows:

·  
Net sales of between $900 and $925 million, which equates to growth rates of between 12% and 15%, with moderate sales growth in the first half of 2007 and accelerated growth in the second half, and
·  
Earnings of between $1.02 and $1.09 per diluted share representing 20% growth over 2006 earnings per share.

Today’s business update is based on actual business results for the 10-weeks ended Saturday, March 10th. Importantly, we still have three weeks to go before quarter-end, so first quarter results are still subject to change. My comments will address three main points:

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First, the company’s first quarter net sales and expense performance are in line with our expectations and on track to achieve the full year guidance which we are reaffirming;
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Second, our 2007 initiatives and investments, which are designed to increase revenue growth and improve productivity and develop our infrastructure, are also on track;
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Third, we remain active in our share repurchase program.

With respect to the first point, unit growth and net sales trends are flat to slightly higher than year-ago levels. Sales performance has varied across the country, with pockets of strength offset by markets with sales below prior year levels. Our multi-channel distribution strategy continues to demonstrate strength, with growth from new company-owned stores, e-commerce and wholesale, offsetting same-store comps that are in line with fourth quarter levels. We expect a return to positive same-store growth in the second half of 2007.
 
 
 
 
 
 
 
 
 
 
 

 
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For the first quarter, we will add 5 net new stores, increasing our company-owned retail presence to 447 stores. Our previously communicated decision not to renew one of our retail partner relationships will reduce the number of retail doors at the end of the first quarter, without any adverse affect on sales trends. We expect the number of retail partner doors at year-end 2007 to be essentially unchanged from the 822 doors at year-end 2006.

As we prepare our growth initiatives for the balance of the year, we are protecting profit levels through a combination of productivity gains in manufacturing and logistics, and only modest growth in our media investments. We expect first quarter EPS to equal or be slightly lower than last year’s $0.21 per diluted share. Our expectations for stronger second half performance, driven by our improved revenue and productivity enhancements, remain intact.

With respect to our programs, I’d like to highlight the progress we have made to date:

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First, the new media campaign is in the final stages of development and the initial pilot roll-out will begin in the coming weeks. We believe this new campaign can continue to build the Sleep Number brand, and more effectively reach our target customers with a compelling message and call to action.

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With respect to our retail operations, we are pleased that Shelly Ibach has accepted the newly created position of U.S. retail channel leader. This is a position of great importance to Select Comfort. Shelly’s experience in managing store operations, visual merchandising, and developing effective leaders and teams within large and successful branded retail organizations, will help us further differentiate Select Comfort’s unique in-store experience that customers find so compelling. We look forward to Shelly’s start in early April.

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In manufacturing, our fire retardant compliance is on track. We have begun manufacturing to the new federal standards and shipping of this product for our retail partners’ orders. We are now preparing for the conversion to support our company-owned channels, which will begin in the coming weeks. The challenge for us was not product design, but rather the federal requirements of lot code tracing and tracking of components. Our product is more complicated and we believe that overcoming this challenge will serve to further our competitive advantages.

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In systems, our SAP implementation process is underway; the team is in place and we are actively developing a detailed project timeline. With the existing systems capabilities we have in place today, we are under no time pressure to expedite the SAP implementation. We will take whatever time is required to achieve a successful implementation and will work to ensure our team is fully prepared to take advantage of the productivity, growth and infrastructure enhancements that we expect to achieve when we do activate SAP in 2008.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
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In closing, I would like to update the status of our share repurchase program. We remain confident in our people, programs and long-term opportunities and continue to be active in the stock buy-back program. On a year-to-date basis, we have returned over $36 million to investors through the repurchase of nearly 2.0 million shares, and we intend to remain active through a 10b5-1 program that will extend through our first quarter earnings announcement at the end of April. We expect to use cash flow from operations and existing cash and investment balances to fund the repurchase program.

This concludes today’s call. We anticipate reporting actual first quarter results after the close of the financial markets on Wednesday, April 25th. We hope that you will make time to join us for our regularly scheduled earnings call that day.

Thank you for listening and, as we like to say, sleep well.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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