Sleep Number Q3 sales down 10% to $427M; CEO Ibach to retire

Sleep Number Corp

2024-Q3 EPS reported -$0.69 revenue$1,305,479,000

Net sales of $427M, down 10% YoY; gross margin 60.8% (+340 bps YoY).
Adjusted EBITDA $28M, up 11% YoY; FY2024 adj EBITDA outlook $115-125M.
Operating expenses reduced $17M in Q3 and $60M YTD (before restructuring).
Free cash flow $34M YTD, up $50M vs prior year; leverage ratio 4.2x EBITDAR.
CEO Shelly Ibach to retire no later than 2025 Annual Meeting; Board declassification and size reduction.

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