- Fourth quarter net sales declined 14% versus the prior year
with demand down low-single digits
- Full year diluted loss per share of $0.68; full year “as
adjusted” loss per share of $0.14, excluding $16 million of
restructuring costs recorded in the fourth quarter
- Reduced operating expenses by $85 million in 2023; expect a
further expense reduction of $40 million to $45 million in 2024 for
a two-year total reduction of approximately $130 million (before
restructuring costs)
- Expect 2024 adjusted EBITDA of $125 million to $145
million
Sleep Number Corporation (Nasdaq: SNBR) today reported results
for the year ended December 30, 2023.
“While the consumer environment remains challenging for the
mattress industry, our swift actions to improve demand and reduce
costs allowed us to make better progress in the fourth quarter than
we expected,” said Shelly Ibach, Chair, President and CEO. “Through
broad-based restructuring actions to streamline our cost structure,
restore margins and strengthen our balance sheet, we are
transforming our operating model to improve our financial
resilience and position our business for accelerating growth as the
mattress industry demand environment improves. Importantly, our
long-term opportunity remains intact as we lead through this
transformation.”
Fourth Quarter Overview
- Net sales decreased 14% to $430 million, with demand
down low-single digits year-over-year
- Gross margin of 56.6% was up 190 bp versus the prior
year, primarily benefiting from pricing actions, easing commodity
prices and operating cost reductions, partially offset by increased
promotions
- Operating expenses were reduced by $24 million to $247
million (before restructuring charges) compared with $271 million
last year
- Loss per diluted share of $1.12; “as adjusted” diluted
loss per share of $0.58, excluding $16 million of restructuring
costs recorded in the fourth quarter
Full Year Overview
- Net sales decreased 11% to $1.89 billion in 2023
- Gross margin increased to 57.7% of net sales, compared
with 56.9% for the prior year, including the benefit of pricing
actions, easing commodity prices and other cost reduction
initiatives
- Loss per diluted share of $0.68; “as adjusted” diluted
loss per share of $0.14, excluding $16 million of restructuring
costs recorded in the fourth quarter
Cash Flows and Liquidity Review
- Net cash used in operating activities of $9 million,
compared with $36 million of cash provided by operating activities
last year
- Leverage ratio of 4.1x EBITDAR at the end of the fourth
quarter versus covenant maximum of 5.0x
- Adjusted ROIC of 7.8% for the trailing twelve
months
Business Restructuring Update
- The company’s broad-based cost management initiatives are
progressing as planned. Operating expenses were reduced by $85
million in 2023, with $40 million to $45 million of additional
operating expense reductions planned for 2024
- Reduced workforce to approximately 4,100 team members at end of
2023, 7% lower than 2019
- Expect specific ongoing workstreams including product value
engineering, service simplification, streamlining suppliers and
reprioritizing spend to accelerate near-term growth and
efficiency
Financial Outlook
The company expects mattress industry demand to remain pressured
in 2024. Against this backdrop, the company expects adjusted EBITDA
of $125 million to $145 million in 2024, with net sales down
mid-single digits versus prior year on a low-single digit demand
decline. The company expects approximately 100 basis points of
gross margin rate improvement and $12 million of restructuring
charges for the year. The company expects to generate $60 million
to $80 million of free cash flow with capital expenditures of $30
million.
Conference Call Information
Management will host its regularly scheduled conference call to
discuss the company’s results at 5 p.m. EST (4 p.m. CST; 2 p.m.
PST) today. To access the webcast, please visit the investor
relations area of the Sleep Number website at
https://ir.sleepnumber.com. The webcast replay will remain
available for approximately 60 days.
About Sleep Number Corporation
Sleep Number is a wellness technology company. We are guided by
our purpose to improve the health and wellbeing of society through
higher quality sleep; to date, our innovations have improved over
15 million lives. Our wellness technology platform helps solve
sleep problems, whether it’s providing individualized temperature
control for each sleeper through our Climate360® smart bed or
applying our 24 billion hours of longitudinal sleep data and
expertise to research with global institutions.
Our smart bed ecosystem drives best-in-class engagement through
dynamic, adjustable, and effortless sleep with personalized digital
sleep and health insights; our millions of Smart Sleepers are loyal
brand advocates. And our almost 4,100 mission-driven team members
passionately innovate to drive value creation through our
vertically integrated business model, including our exclusive
direct-to-consumer selling in over 650 stores and online.
To learn more about life-changing, individualized sleep, visit a
Sleep Number store near you, our newsroom. and investor relations
sites, or SleepNumber.com
Forward-looking Statements
Statements used in this news release relating to future plans,
events, financial results or performance, such as the statement
that the company is positioned for accelerating growth as the
bedding industry demand environment improves and the company’s
financial outlook, including the company’s expected adjusted
EBITDA, in 2024 and future capital expenditures and operating
expenses, are forward-looking statements subject to certain risks
and uncertainties including, among others, changes in economic
conditions and consumer sentiment and related impacts on
discretionary consumer spending; increases in interest rates, which
have increased the cost of servicing our indebtedness; availability
of attractive and cost-effective consumer credit options; ability
to achieve savings and efficiencies from cost savings plans related
to operating model transformation and to avoid unexpected adverse
effects; dependence on, and ability to maintain working
relationships with key suppliers and third parties; fluctuations in
commodity costs or third-party delivery or logistics costs and
other inflationary pressures; risks inherent in global-sourcing
activities, including tariffs, foreign regulation, geo-political
turmoil, war, pandemics, labor challenges, foreign currency
fluctuations, inflation, and climate or other disasters, and
resulting supply shortages and production and delivery delays and
disruptions; operating with minimal levels of inventory, which may
leave us vulnerable to supply shortages; the effectiveness of our
marketing strategy and promotional efforts; the execution of our
Total Retail distribution strategy; ability to achieve and maintain
high levels of product quality and to improve and expand the
product line; ability to protect our technology, trademarks, and
brand and the adequacy of our intellectual property rights; ability
to effectively compete; risks of disruption in the operation of our
facilities and operations, including manufacturing, assembly,
distribution, logistics, field services, home delivery,
headquarters, product development, retail or customer service
operations; ability to comply with existing and changing government
regulations and laws; pending or unforeseen litigation and the
potential for associated adverse publicity; the adequacy of the
company’s and third-party information systems and costs and
disruptions related to upgrading or maintaining these systems; our
ability to identify and withstand cyber threats that could
compromise the security of our systems, result in a data breach or
business disruption; risks associated with advancements in or
adoption of artificial intelligence technologies; our ability, and
the ability of our suppliers and vendors, to attract, retain and
motivate qualified and effective personnel; the volatility of Sleep
Number stock, our removal from various stock indices, and the
potential negative effects of shareholder activism or of changes in
coverage by securities analysts; environmental, social and
governance risks, including increasing regulation and stakeholder
expectations; and our ability to adapt to climate change and
readiness for legal or regulatory responses thereto. Additional
information concerning these and other risks and uncertainties is
contained in the company’s filings with the Securities and Exchange
Commission, including the Annual Report on Form 10-K and other
periodic reports. We have no obligation to publicly update or
revise any of these forward-looking statements.
SLEEP NUMBER
CORPORATION
AND SUBSIDIARIES
Consolidated Statements of
Operations
(unaudited – in thousands,
except per share amounts)
Three Months Ended
December 30,
2023
% of Net Sales
December 31,
2022
% of Net Sales
Net sales
$
429,518
100.0
%
$
497,528
100.0
%
Cost of sales
186,609
43.4
%
225,562
45.3
%
Gross profit
242,909
56.6
%
271,966
54.7
%
Operating expenses:
Sales and marketing
198,032
46.1
%
219,224
44.1
%
General and administrative
35,477
8.3
%
37,217
7.5
%
Research and development
13,276
3.1
%
14,613
2.9
%
Restructuring costs
15,728
3.7
%
—
—
%
Total operating expenses
262,513
61.1
%
271,054
54.5
%
Operating (loss) income
(19,604
)
(4.6
%)
912
0.2
%
Interest expense, net
12,687
3.0
%
7,633
1.5
%
Loss before income taxes
(32,291
)
(7.5
%)
(6,721
)
(1.4
%)
Income tax benefit
(7,103
)
(1.7
%)
(1,291
)
(0.3
%)
Net loss
$
(25,188
)
(5.9
%)
$
(5,430
)
(1.1
%)
Net loss per share – basic
$
(1.12
)
$
(0.24
)
Net loss per share – diluted
$
(1.12
)
$
(0.24
)
Reconciliation of weighted-average
shares outstanding:
Basic weighted-average shares
outstanding
22,483
22,249
Dilutive effect of stock-based awards
—
—
Diluted weighted-average shares
outstanding
22,483
22,249
For the three months ended December 30,
2023 and December 31, 2022, potentially dilutive stock-based awards
have been excluded from the calculation of diluted weighted-average
shares outstanding, as their inclusion would have had an
anti-dilutive effect on our net loss per diluted share.
SLEEP NUMBER
CORPORATION
AND SUBSIDIARIES
Consolidated Statements of
Operations
(unaudited – in thousands,
except per share amounts)
Twelve Months Ended
December 30,
2023
% of Net Sales
December 31,
2022
% of Net Sales
Net sales
$
1,887,482
100.0
%
$
2,114,297
100.0
%
Cost of sales
798,952
42.3
%
912,001
43.1
%
Gross profit
1,088,530
57.7
%
1,202,296
56.9
%
Operating expenses:
Sales and marketing
847,442
44.9
%
919,629
43.5
%
General and administrative
146,621
7.8
%
153,266
7.2
%
Research and development
55,797
3.0
%
61,521
2.9
%
Restructuring costs
15,728
0.8
%
—
—
%
Total operating expenses
1,065,588
56.5
%
1,134,416
53.7
%
Operating income
22,942
1.2
%
67,880
3.2
%
Interest expense, net
42,695
2.3
%
18,985
0.9
%
(Loss) income before income taxes
(19,753
)
(1.0
%)
48,895
2.3
%
Income tax (benefit) expense
(4,466
)
(0.2
%)
12,285
0.6
%
Net (loss) income
$
(15,287
)
(0.8
%)
$
36,610
1.7
%
Net (loss) income per share – basic
$
(0.68
)
$
1.63
Net (loss) income per share – diluted
$
(0.68
)
$
1.60
Reconciliation of weighted-average
shares outstanding:
Basic weighted-average shares
outstanding
22,429
22,396
Dilutive effect of stock-based awards
—
456
Diluted weighted-average shares
outstanding
22,429
22,852
For the year ended December 30, 2023,
potentially dilutive stock-based awards have been excluded from the
calculation of diluted weighted-average shares outstanding, as
their inclusion would have had an anti-dilutive effect on our net
loss per diluted share.
SLEEP NUMBER
CORPORATION
AND SUBSIDIARIES
Consolidated Balance
Sheets
(unaudited – in thousands,
except per share amounts)
subject to
reclassification
December 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
2,539
$
1,792
Accounts receivable, net of allowances of
$1,437 and $1,267, respectively
26,859
26,005
Inventories
115,433
114,034
Prepaid expenses
16,660
16,006
Other current assets
44,637
39,921
Total current assets
206,128
197,758
Non-current assets:
Property and equipment, net
179,503
200,605
Operating lease right-of-use assets
395,411
397,755
Goodwill and intangible assets, net
66,634
68,065
Deferred income taxes
20,253
7,958
Other non-current assets
82,951
81,795
Total assets
$
950,880
$
953,936
Liabilities and Shareholders’
Deficit
Current liabilities:
Borrowings under revolving credit
facility
$
539,500
$
459,600
Accounts payable
135,901
176,207
Customer prepayments
49,143
73,181
Accrued sales returns
22,402
25,594
Compensation and benefits
28,273
31,291
Taxes and withholding
17,134
23,622
Operating lease liabilities
81,760
79,533
Other current liabilities
61,958
60,785
Total current liabilities
936,071
929,813
Non-current liabilities:
Operating lease liabilities
351,394
356,879
Other non-current liabilities
105,343
105,421
Total non-current liabilities
456,737
462,300
Total liabilities
1,392,808
1,392,113
Shareholders’ deficit:
Undesignated preferred stock; 5,000 shares
authorized, no shares issued and outstanding
—
—
Common stock, $0.01 par value; 142,500
shares authorized, 22,235 and 22,014 shares issued and outstanding,
respectively
222
220
Additional paid-in capital
16,716
5,182
Accumulated deficit
(458,866
)
(443,579
)
Total shareholders’ deficit
(441,928
)
(438,177
)
Total liabilities and shareholders’
deficit
$
950,880
$
953,936
SLEEP NUMBER
CORPORATION
AND SUBSIDIARIES
Consolidated Statements of
Cash Flows
(unaudited – in
thousands)
subject to
reclassification
Twelve Months Ended
December 30,
2023
December 31,
2022
Cash flows from operating activities:
Net (loss) income
$
(15,287
)
$
36,610
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
74,043
67,401
Stock-based compensation
14,855
13,223
Net loss on disposals and impairments of
assets
2,898
291
Deferred income taxes
(12,295
)
(8,646
)
Changes in operating assets and
liabilities:
Accounts receivable
(854
)
(287
)
Inventories
(1,399
)
(11,560
)
Income taxes
(5,969
)
1,356
Prepaid expenses and other assets
(5,220
)
19,379
Accounts payable
(28,934
)
(4,743
)
Customer prepayments
(24,038
)
(56,318
)
Accrued compensation and benefits
(2,943
)
(19,821
)
Other taxes and withholding
(519
)
179
Other accruals and liabilities
(3,366
)
(926
)
Net cash (used in) provided by operating
activities
(9,028
)
36,138
Cash flows from investing activities:
Purchases of property and equipment
(57,056
)
(69,454
)
Proceeds from sales of property and
equipment
21
49
Issuance of notes receivable
(1,317
)
—
Investment in non-marketable equity
securities
—
(1,202
)
Net cash used in investing activities
(58,352
)
(70,607
)
Cash flows from financing activities:
Net increase in short-term borrowings
73,463
97,647
Repurchases of common stock
(3,747
)
(64,188
)
Proceeds from issuance of common stock
428
1,131
Debt issuance costs
(2,017
)
(718
)
Net cash provided by financing
activities
68,127
33,872
Net increase (decrease) in cash and cash
equivalents
747
(597
)
Cash and cash equivalents, at beginning of
period
1,792
2,389
Cash and cash equivalents, at end of
period
$
2,539
$
1,792
SLEEP NUMBER
CORPORATION
AND SUBSIDIARIES
Supplemental Financial
Information
(unaudited)
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Percent of sales:
Retail stores
85.9
%
84.8
%
86.8
%
86.3
%
Online, phone, chat and other
14.1
%
15.2
%
13.2
%
13.7
%
Total Company
100.0
%
100.0
%
100.0
%
100.0
%
Sales change rates:
Retail comparable-store sales
(14
%)
(3
%)
(12
%)
(8
%)
Online, phone and chat
(20
%)
10
%
(15
%)
4
%
Total Retail comparable sales change
(15
%)
(1
%)
(12
%)
(6
%)
Net opened/closed stores and other
1
%
2
%
1
%
3
%
Total Company
(14
%)
1
%
(11
%)
(3
%)
Stores open:
Beginning of period
678
662
670
648
Opened
9
14
36
49
Closed
(15
)
(6
)
(34
)
(27
)
End of period
672
670
672
670
Other metrics:
Average sales per store ($ in 000's) 1
$
2,853
$
3,281
Average sales per square foot 1
$
926
$
1,081
Stores > $2 million net sales 2
65
%
76
%
Stores > $3 million net sales 2
24
%
36
%
Average revenue per smart bed unit 3
$
5,541
$
5,361
$
5,755
$
5,403
1
Trailing twelve months Total Retail
comparable sales per store open at least one year.
2
Trailing twelve months for stores open at
least one year (excludes online, phone and chat sales).
3
Represents Total Retail (stores, online,
phone and chat) net sales divided by Total Retail smart bed
units.
SLEEP NUMBER CORPORATION AND
SUBSIDIARIES Earnings before Interest, Taxes, Depreciation
and Amortization (Adjusted EBITDA) (in thousands)
We define earnings before interest, taxes, depreciation and
amortization (Adjusted EBITDA) as net income plus: income tax
expense, interest expense, depreciation and amortization,
stock-based compensation, restructuring costs and asset
impairments. Management believes Adjusted EBITDA is a useful
indicator of our financial performance and our ability to generate
cash from operating activities. Our definition of Adjusted EBITDA
may not be comparable to similarly titled definitions used by other
companies. The table below reconciles Adjusted EBITDA, which is a
non-GAAP financial measure, to the comparable GAAP financial
measure:
Three Months Ended
Trailing Twelve Months
Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Net (loss) income
$
(25,188
)
$
(5,430
)
$
(15,287
)
$
36,610
Income tax (benefit) expense
(7,103
)
(1,291
)
(4,466
)
12,285
Interest expense
12,687
7,633
42,695
18,985
Depreciation and amortization
17,984
17,843
72,479
66,626
Stock-based compensation
3,982
4,638
14,855
13,223
Restructuring costs 1
15,728
—
15,728
—
Asset impairments
198
17
672
295
Adjusted EBITDA
$
18,288
$
23,410
$
126,676
$
148,024
1
Represents costs related to business
restructuring actions initiated in the fourth quarter of fiscal
2023.
Free Cash Flow
(in thousands)
Three Months Ended
Trailing Twelve Months
Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Net cash (used in) provided by operating
activities
$
(40,844
)
$
(43,984
)
$
(9,028
)
$
36,138
Subtract: Purchases of property and
equipment
9,034
16,646
57,056
69,454
Free cash flow
$
(49,878
)
$
(60,630
)
$
(66,084
)
$
(33,316
)
Note - Our Adjusted EBITDA calculations
and Free Cash Flow data are considered non-GAAP financial measures
and are not in accordance with, or preferable to, "as reported," or
GAAP financial data. However, we are providing this information as
we believe it facilitates analysis of the Company's financial
performance by investors and financial analysts.
GAAP - generally accepted accounting
principles in the U.S.
SLEEP NUMBER CORPORATION AND
SUBSIDIARIES Calculation of Net Leverage Ratio under
Revolving Credit Facility (in thousands)
Our calculation of Net Leverage Ratio under Revolving Credit
Facility was changed effective with the amendment of our credit
facility on November 2, 2023. Prior to the amendment, the
calculation included capitalized operating lease obligations based
on a multiple of six times annual rent expense. The amendment
replaced this line item with operating lease liabilities included
in our financial statements under ASC 842. The calculations in
accordance with the November 2, 2023 amendment are presented below.
The prior year is presented in conformity with the November 2, 2023
amendment.
Trailing Twelve Months
Ended
December 30,
2023
December 31,
2022
Borrowings under revolving credit
facility
$
539,500
$
459,600
Outstanding letters of credit
7,147
5,947
Finance lease obligations
319
420
Consolidated funded indebtedness
$
546,966
$
465,967
Operating lease liabilities 1
433,154
436,412
Total debt including operating lease
liabilities (a)
$
980,120
$
902,379
Adjusted EBITDA (see above)
$
126,676
$
148,024
Consolidated rent expense
113,801
110,657
Consolidated EBITDAR (b)
$
240,477
$
258,681
Net Leverage Ratio under revolving credit
facility (a divided by b)
4.1 to 1.0
3.5 to 1.0
1
Reflects operating lease liabilities
included in our financial statements under ASC 842. The prior
period has been updated to reflect this calculation.
Note - Our Net Leverage Ratio under
Revolving Credit Facility, Adjusted EBITDA and EBITDAR calculations
are considered non-GAAP financial measures and are not in
accordance with, or preferable to, "as reported," or GAAP financial
data. However, we are providing this information as we believe it
facilitates analysis of the Company's financial performance by
investors and financial analysts.
GAAP - generally accepted accounting principles in the U.S.
SLEEP NUMBER CORPORATION AND
SUBSIDIARIES Calculation of Return on Invested Capital
(Adjusted ROIC) (in thousands)
Adjusted ROIC is a financial measure we use to determine how
efficiently we deploy our capital. It quantifies the return we earn
on our adjusted invested capital. Management believes Adjusted ROIC
is also a useful metric for investors and financial analysts. We
compute Adjusted ROIC as outlined below. Our definition and
calculation of Adjusted ROIC may not be comparable to similarly
titled definitions and calculations used by other companies. The
tables below reconcile adjusted net operating profit after taxes
(Adjusted NOPAT) and total adjusted invested capital, which are
non-GAAP financial measures, to the comparable GAAP financial
measures:
Trailing Twelve Months
Ended
December 30,
2023
December 31,
2022
Adjusted net
operating profit after taxes (Adjusted NOPAT)
Operating income
$
22,942
$
67,880
Add: Operating lease interest 1
27,777
25,912
Less: Income taxes 2
(11,851
)
(23,542
)
Adjusted NOPAT
$
38,868
$
70,250
Average adjusted
invested capital
Total deficit
$
(441,928
)
$
(438,177
)
Add: Long-term debt 3
539,819
460,020
Add: Operating lease liabilities 4
433,154
436,412
Total adjusted invested capital at end of
period
$
531,045
$
458,255
Average adjusted invested capital 5
$
496,612
$
400,038
Adjusted ROIC 6
7.8
%
17.6
%
1
Represents the interest expense component
of lease expense included in our financial statements under ASC
842, Leases.
2
Reflects annual effective income tax
rates, before discrete adjustments, of 23.4% and 25.1% for December
30, 2023 and December 31, 2022, respectively.
3
Long-term debt includes existing finance
lease liabilities.
4
Reflects operating lease liabilities
included in our financial statements under ASC 842.
5
Average adjusted invested capital
represents the average of the last five fiscal quarters' ending
adjusted invested capital balances.
6
Adjusted ROIC equals Adjusted NOPAT
divided by average adjusted invested capital.
Note - the Company's adjusted ROIC
calculation and data are considered non-GAAP financial measures and
are not in accordance with, or preferable to, GAAP financial data.
However, we are providing this information as we believe it
facilitates analysis of the Company's financial performance by
investors and financial analysts. The Company updated its Adjusted
ROIC calculation effective beginning with the reporting period
ended December 31, 2022, to reflect adjustments consistent with ASC
842.
GAAP - generally accepted accounting
principles in the U.S.
SLEEP NUMBER CORPORATION AND
SUBSIDIARIES
Reported to Adjusted
Statements of Operations Data Reconciliation
(in thousands, except per
share amounts)
Three Months Ended
December 30, 2023
December 31, 2022
As Reported
Restructuring Costs 1
As Adjusted
As Reported
Operating (loss) income
$
(19,604
)
$
15,728
$
(3,876
)
$
912
Interest expense, net
12,687
—
12,687
7,633
(Loss) income before income taxes
(32,291
)
15,728
(16,563
)
(6,721
)
Income tax (benefit) expense 2
(7,103
)
3,680
(3,423
)
(1,291
)
Net (loss) income
$
(25,188
)
$
12,048
$
(13,140
)
$
(5,430
)
Net (loss) income per share:
Basic
$
(1.12
)
$
0.54
$
(0.58
)
$
(0.24
)
Diluted
$
(1.12
)
$
0.54
$
(0.58
)
$
(0.24
)
Basic Shares
22,483
22,483
22,483
22,249
Diluted Shares
22,483
22,483
22,483
22,249
Twelve Months Ended
December 30, 2023
December 31, 2022
As
Reported
Restructuring Costs 1
As Adjusted
As Reported
Operating income
$
22,942
$
15,728
$
38,670
$
67,880
Interest expense, net
42,695
—
42,695
18,985
(Loss) income before income taxes
(19,753
)
15,728
(4,025
)
48,895
Income tax (benefit) expense 2
(4,466
)
3,680
(786
)
12,285
Net (loss) income
$
(15,287
)
$
12,048
$
(3,239
)
$
36,610
Net (loss) income per share:
Basic
$
(0.68
)
$
0.54
$
(0.14
)
$
1.63
Diluted
$
(0.68
)
$
0.54
$
(0.14
)
$
1.60
Basic Shares
22,429
22,429
22,429
22,396
Diluted Shares
22,429
22,429
22,429
22,852
1
Represents costs related to business
restructuring actions initiated in the fourth quarter of fiscal
2023.
2
Reflects annual effective income tax rate,
before discrete adjustments, of 23.4%.
Note - Our "as adjusted" data is
considered a non-GAAP financial measure and is not in accordance
with, or preferable to, "as reported," or GAAP financial data.
However, we are providing this information as we believe it
facilitates year-over-year comparisons for investors and financial
analysts.
GAAP - generally accepted accounting
principles
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222826875/en/
Investor Contact: Dave Schwantes; (763) 551-7498;
investorrelations@sleepnumber.com Media Contact: Julie
Elepano; (414) 732-9840; julie.elepano@sleepnumber.com
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