secwatch.observer — SEC 8-K summary
======================================

Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2024-02-22T23:59:59+00:00
Accession:  0000827187-24-000007
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/0000827187-24-000007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718724000007/snbr-20240222.htm
  HTML page:      https://secwatch.observer/filing/0000827187-24-000007

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