---
schema_version: "secwatch.filing_event.v1"
accession: "0000827187-23-000014"
form_type: "8-K"
ticker: "SNBR"
cik: "0000827187"
company_name: "Sleep Number Corp"
filed_at: "2023-02-22T23:59:59+00:00"
generated_at: "2026-06-19T06:00:18.307708+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Sleep Number Q4 net loss $0.24/diluted share; FY22 EPS $1.60 vs $6.16 prior year

## Summary
- Q4 net sales $498M (+1% YoY); gross margin 54.7% vs 56.9% prior year.
- Full-year net sales $2.11B (-3% YoY); diluted EPS $1.60 vs $6.16.
- FY22 operating cash flow $36M; leverage ratio 4.4x EBITDAR vs 5.0x covenant.
- 2023 EPS outlook $1.25-$2.00; net sales flat to down mid-single digits.
- Expects gross margin improvement >150 bps; no share repurchases planned.

## SEC filing metadata
- accession: 0000827187-23-000014
- form_type: 8-K
- ticker: SNBR
- cik: 0000827187
- company_name: Sleep Number Corp
- filed_at: 2023-02-22T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/827187/000082718723000014/0000827187-23-000014-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/827187/000082718723000014/snbr-20230222.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000827187-23-000014
- JSON: https://secwatch.observer/filing/0000827187-23-000014.json
- Plain text: https://secwatch.observer/filing/0000827187-23-000014.txt

## Key facts
- Earnings Releases
  Sleep Number Corp reported the fiscal fourth quarter ended December 31, 2022 results: revenue $498 million, EPS $0.24 per diluted share.
  - Period: the fiscal fourth quarter ended December 31, 2022
  - Revenue: $498 million
  - EPS: $0.24 per diluted share
  - Result: reported results
  source text: Fourth Quarter Overview • Net sales were $498 million, up 1% compared with $492 million last year • Gross profit decreased 3% to $272 million, or 54.7% of net sales, compared with $280 million or 56.9% of net sales for the prior year • Net loss per diluted share of $0.24, compared to net income per diluted share of $0.47 last year
  evidence_url: https://www.sec.gov/Archives/edgar/data/827187/000082718723000014/0000827187-23-000014-index.htm
- Earnings Releases
  Sleep Number Corp reported the fiscal year ended December 31, 2022 results: revenue $2.11 billion, EPS $1.60 per diluted share.
  - Period: the fiscal year ended December 31, 2022
  - Revenue: $2.11 billion
  - EPS: $1.60 per diluted share
  - Result: reported results
  source text: Full Year Overview • Net sales decreased 3% to $2.11 billion in 2022; full year demand declined 13% versus the prior year, partially offset by the delivery of excess backlog • Gross profit decreased 9% to $1.2 billion, or 56.9% of net sales, including the impact of year-over-year input cost increases and inefficiencies from semiconductor chip constraints, partially offset by pricing actions • Diluted EPS of $1.60, compared to $6.16 last year
  evidence_url: https://www.sec.gov/Archives/edgar/data/827187/000082718723000014/0000827187-23-000014-index.htm
- Earnings Releases
  Sleep Number Corp reported 2023 results: EPS $1.25 to $2.00 per diluted share. Guidance initiated.
  - Period: 2023
  - EPS: $1.25 to $2.00 per diluted share
  - Guidance: initiated
  - Result: guidance update
  source text: The company expects 2023 diluted EPS of $1.25 to $2.00. The 2023 outlook assumes net sales are flat to down mid-single digits versus the prior year. The outlook assumes gross margin rate improves by more than 150 basis points versus 2022. The company expects to generate over $100 million of operating cash flow for the year and positive free cash flows. The company anticipates 2023 capital expenditures of $50 million to $60 million and is planning no share repurchases during the year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/827187/000082718723000014/0000827187-23-000014-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.