secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2023-11-07T23:59:59+00:00
Accession:  0000827187-23-000091
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.02, 2.03, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sleep Number Q3 net sales down 13%, loss $0.10; restructures with 500 job cuts, store closures
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- Q3 net sales $473M (-13% YoY); diluted loss per share of $0.10 vs $0.22 EPS last year.
- Gross margin improved 130 bps to 57.4%; operating expenses reduced $25M to $266M.
- Restructuring: headcount reduction of ~10% (500 employees), 40-50 store closures by end of 2024.
- Expects $50M additional 2024 OpEx reductions on top of ~$80M in 2023; up to $20M one-time costs ($10M in Q4).
- Amended credit facility reduced total commitment to $685M; updated 2023 EPS outlook to loss up to $0.70 (incl. $0.35 restructuring charge).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718723000091/0000827187-23-000091-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718723000091/snbr-20231102.htm
  HTML page:      https://secwatch.observer/filing/0000827187-23-000091

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer