Sleep Number Reports Challenging Q3 2024 Financial Results with Significant Sales Decline and Net Loss

Preview
Sleep Number Corporation reported its third-quarter financial results for 2024 on October 30, 2024. The company experienced a significant decline in its financial performance during this period.

Key Financial Highlights:

  • Net Income: Sleep Number reported a loss of $3.1 million in the third quarter.
  • Revenue: The company saw a 10% drop in sales during the third quarter.
  • Earnings per Share (EPS): Specific EPS figures were not detailed in the provided references.
  • Adjusted EBITDA: In the second quarter of 2024, Sleep Number generated adjusted EBITDA of $28 million despite an 11% decline in net sales to $408 million.

Leadership Change:

  • CEO Retirement: Shelly Ibach, the Chair, President, and CEO of Sleep Number, announced her retirement.

Market Performance:

  • Stock Performance: Sleep Number Corporation's common stock is traded on Nasdaq under the ticker SNBR. The stock is expected to report earnings for the fiscal third quarter ending September 28, 2024.

Outlook:

  • Free Cash Flow: Sleep Number's updated outlook implies a free cash flow of $40 million to $60 million for the second half of the year, with an expectation of higher net income in the future.
Overall, Sleep Number's third-quarter results for 2024 show a challenging period with a notable decline in sales and a net loss, despite previous efforts to improve financial performance.