---
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"
generated_at: "2026-06-05T21:23:57.560203+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Sleep Number reports Q4 net sales down 14% to $430M; full year loss per share $0.68

## Summary
- 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.

## SEC filing metadata
- 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
- 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/827187/000082718724000007/0000827187-24-000007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/snbr-20240222.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000827187-24-000007
- JSON: https://secwatch.observer/filing/0000827187-24-000007.json
- Plain text: https://secwatch.observer/filing/0000827187-24-000007.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/0000827187-24-000007-index.htm
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/0000827187-24-000007-index.htm

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