Sleep Number Q1 net sales down 11% to $470M; adjusted EBITDA $37M slightly ahead of outlook

Sleep Number Corp

2024-Q1 EPS reported -$0.33 revenue$470,449,000

Net sales $470M, down 11% YoY including ~4 ppt pressure from order backlog changes.
Adjusted EBITDA $37M vs $49M prior year; operating expenses cut $24M (before restructuring).
Free cash flow improved to $24M from $3M; leverage ratio 4.2x vs covenant maximum 5.0x.
Reaffirmed FY 2024 adjusted EBITDA guidance $125M-$145M; expects mid-single digit net sales decline.

item 2.02 item 9.01

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 the quarter ended March 30, 2024 results: revenue $470 million. Guidance reaffirmed.

Period: the quarter ended March 30, 2024
Revenue: $470 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

attached as Exhibit 99.1 to this Current Report on Form 8-K. --- EX-99.1 (EX-99.1) --- FOR IMMEDIATE RELEASE SLEEP NUMBER ANNOUNCES FIRST QUARTER 2024 RESULTS • Net sales of $470 million; adjusted EBITDA of $37 million slightly ahead of expectations • Reduced operating expenses by $24 million year-over-year (before restructuring costs) and remain on track to

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Source: SEC EDGAR

accession 0000827187-24-000026

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