secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2025-03-05T23:59:59+00:00
Accession:  0000827187-25-000008
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sleep Number Q4 net loss narrows to $5M; appoints Linda Findley CEO
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- Q4 net sales $377M (-12% YoY); gross margin 59.9% (+330 bps); net loss $5M (vs -$25M prior year).
- Full-year net sales $1.68B (-11%); adjusted EBITDA $120M; free cash flow $4M vs -$66M prior year.
- Amended credit facility: $40M liquidity covenant, relaxed leverage ratios through 2025 (max 4.75x in Q1/Q2 2025).
- Linda Findley appointed President and CEO effective April 7, 2025; Phillip Eyler to become independent Chair.
- No 2025 financial outlook issued; new CEO will evaluate strategies before providing guidance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000008/0000827187-25-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000008/snbr-20250303.htm
  HTML page:      https://secwatch.observer/filing/0000827187-25-000008

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