8-K
filed February 22, 2024, 6:59 PM ET
ticker SNBR
CIK 0000827187
earnings
confidence high
sentiment negative
materiality 0.80
Sleep Number reports Q4 net sales down 14% to $430M; full year loss per share $0.68
Sleep Number Corp
2023-FY EPS reported
-$0.68
revenue$1,887,482,000
- Q4 net sales $430M, down 14% YoY; demand down low-single digits; gross margin improved 190 bps to 56.6%.
- Full year net sales $1.89B (down 11%), full year diluted loss per share $0.68; adjusted loss per share $0.14 excluding $16M restructuring.
- Reduced operating expenses $85M in 2023; plan to cut additional $40-45M in 2024 for ~$130M total reduction.
- 2024 outlook: adjusted EBITDA $125-145M, net sales down mid-single digits, free cash flow $60-80M.
- Leverage ratio 4.1x at year end vs 5.0x covenant; reduced workforce to ~4,100.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Sleep Number Corp reported full year ended December 30, 2023 results: revenue $1.89 billion, EPS Loss per diluted share of $0.68. Guidance initiated.
- Period
- full year ended December 30, 2023
- Revenue
- $1.89 billion
- EPS
- Loss per diluted share of $0.68
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
Full Year Overview • Net sales decreased 11% to $1.89 billion in 2023 • Gross margin increased to 57.7% of net sales, compared with 56.9% for the prior year, including the benefit of pricing actions, easing commodity prices and other cost reduction initiatives • Loss per diluted share of $0.68; “as adjusted” diluted loss per share of $0.14, excluding $16 million of restructuring costs recorded in the fourth quarter
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Sleep Number Corp reported fiscal fourth quarter ended December 30, 2023 results: revenue $430 million, EPS Loss per diluted share of $1.12. Guidance initiated.
- Period
- fiscal fourth quarter ended December 30, 2023
- Revenue
- $430 million
- EPS
- Loss per diluted share of $1.12
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
Fourth Quarter Overview • Net sales decreased 14% to $430 million, with demand down low-single digits year-over-year • Gross margin of 56.6% was up 190 bp versus the prior year, primarily benefiting from pricing actions, easing commodity prices and operating cost reductions, partially offset by increased promotions • Operating expenses were reduced by $24 million to $247 million (before restructuring charges) compared with $271 million last year • Loss per diluted share of $1.12; “as adjusted” diluted loss per share of $0.58, excluding $16 million of restructuring costs recorded in the fourth quarter
View on SEC.gov
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