secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0000827187-24-000067
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718724000067/0000827187-24-000067-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718724000067/snbr-20240731.htm
  HTML page:      https://secwatch.observer/filing/0000827187-24-000067

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