Sleep Number Q2 net sales fell 11% to $408M; adjusted EBITDA $28M, down from $35M last year

Sleep Number Corp

2024-Q2 EPS reported -$0.56 revenue$878,862,000

Net sales $408M, down 11% YoY; order backlog changes pressured sales by ~6 percentage points.
Gross margin 59.1%, up 150 bps YoY on product cost cuts and logistics efficiency gains.
Adjusted EBITDA $28M vs $35M last year; operating expenses down $19M before restructuring charges.
Reiterates FY2024 adjusted EBITDA outlook $125M-$145M; expects mid-single-digit net sales decline.
Leverage ratio 4.4x EBITDAR (covenant max 5.5x); YTD free cash flow $9M, up $21M YoY.

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