Sleep Number Q1 net sales $319M (-19% YoY); net loss widens to $50M

Sleep Number Corp

• Net loss of $50.3M vs $9.3M loss in prior year; adjusted EBITDA $6.0M, down 74%.
• Gross margin fell to 57.9% from 61.2% on mix shift to new ComfortMode bed and inventory discounting.
• Operating expenses down 18% YoY to $195M (ex-restructuring); $22M in restructuring costs incurred.
• Secured $55M incremental liquidity via amended lender agreement; evaluating strategic/financing options.
• No financial guidance provided due to ongoing strategic review with Guggenheim Securities.

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