Sleep Number Q1 EPS $0.51 vs $0.09; reiterates FY2023 outlook $1.25-$2.00

Sleep Number Corp

2023-Q1 EPS reported $0.51 revenue$526,527,000

Net sales $527M flat YoY; operating profit $26M up $22M.
Diluted EPS $0.51 vs $0.09 last year; gross margin improved 160bps to 58.9%.
Reiterates FY2023 EPS outlook $1.25-$2.00; expects net sales flat to down mid-single digits.
Expects operating cash flow >$100M, capex $50-60M, no share repurchases planned in 2023.
Leverage ratio 4.0x EBITDAR vs covenant 5.0x; adjusted ROIC 20.4%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Sleep Number Corp reported the fiscal first quarter ended April 1, 2023 results: revenue $527 million, EPS $0.51. Guidance reaffirmed.

Period: the fiscal first quarter ended April 1, 2023
Revenue: $527 million
EPS: $0.51
Guidance: reaffirmed
Result: reported results

Exact text from the filing

MINNEAPOLIS – (April 26, 2023) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended April 1, 2023. “First quarter performance was consistent with our expectations, reflecting our team’s strong execution in a challenged macro environment with historically low consumer sentiment pressuring demand. After nearly two years of supply disruption, the consistent flow of microchips has enabled us to return to more efficient operations,” said Shelly Ibach, Chair, President and CEO. “Beginning in the second quarter we are executing a sequence of new integrated demand drivers, including our next generation Sleep Number smart beds, lifestyle furniture, and “Sleep Next Level” brand campaign. These ads inspire consumers to unlock their full potential through our smart bed’s life-changing, individualized sleep benefits.” First Quarter Overview • Net sales of $527 million were consistent with the prior year, including a 2% comparable sales decline, offset by two percen

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Source: SEC EDGAR

accession 0000827187-23-000036

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