Sleep Number Corp
SNBR
ISIN US83125X1037 / Valor 38515157
Sleep Number Corp
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About company
Sleep Number Corp is a company that designs, manufactures, and sells adjustable air mattresses and sleep tracking technology.
Summarized from source with an LLMView SourceSector: Consumer CyclicalsLatest Results (14.08.2024):
Net Sales Decline
Sleep Number Corp reported net sales of $408 million for the second quarter of 2024, which represents an 11% decrease compared to the same period last year. This decline includes approximately six percentage points of pressure from year-over-year order backlog changes.
Gross Margin Improvement
The company achieved a gross margin of 59.1% in Q2 2024, up 150 basis points from the previous year. This improvement was driven by ongoing product cost reductions through value engineering and supplier negotiations, efficiency gains in home delivery and logistics operations, and improved product returns rates.
Operating Expenses Reduction
Operating expenses for Sleep Number Corp in the second quarter of 2024 were $234 million (before restructuring charges), down $19 million from the same quarter last year. This reduction includes broad-based cost reductions across the business.
Adjusted EBITDA
Sleep Number Corp reported an adjusted EBITDA of $28 million for Q2 2024, compared to $35 million in the same period last year. The higher gross margin rate and $19 million operating expense improvement partially offset the year-over-year net sales decline.
Financial Outlook
Sleep Number Corp reiterated its full-year 2024 adjusted EBITDA outlook of $125 million to $145 million. The company expects a mid-single digit net sales decline for the year and anticipates at least 100 basis points of gross margin rate improvement. Free cash flow is projected to be between $50 million and $70 million, with capital expenditures of $30 million.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
853 M
Market cap (USD)
112,122
Daily traded volume (Shares)
20.63 / 19.72
1 day high/low (USD)
52 weeks high/low (USD)
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