{"schema_version":"secwatch.filing_event.v1","accession":"0000827187-24-000007","form_type":"8-K","ticker":"SNBR","cik":"0000827187","company_name":"Sleep Number Corp","filed_at":"2024-02-22T23:59:59+00:00","discovered_at":"2026-05-14T18:03:27.015212+00:00","generated_at":"2026-06-05T21:23:57.560203+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Sleep Number reports Q4 net sales down 14% to $430M; full year loss per share $0.68","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000827187-24-000007","json":"https://secwatch.observer/filing/0000827187-24-000007.json","markdown":"https://secwatch.observer/filing/0000827187-24-000007.md","text":"https://secwatch.observer/filing/0000827187-24-000007.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/0000827187-24-000007-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/snbr-20240222.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T21:23:57.560203+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"1e8a7dbb204955edad62c20c910499d0a7545f1b","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/0000827187-24-000007-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"full year ended December 30, 2023"},{"label":"Revenue","value":"$1.89 billion"},{"label":"EPS","value":"Loss per diluted share of $0.68"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"d5cf9981989933808824664351aff9cad59558d6","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/0000827187-24-000007-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"fiscal fourth quarter ended December 30, 2023"},{"label":"Revenue","value":"$430 million"},{"label":"EPS","value":"Loss per diluted share of $1.12"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}