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Jun 27, 2020
Sleep Number Q2 2020 Earnings Report
Sleep Number's second quarter results reflected the significant impact of COVID-19, with high-single digit demand growth for the last two months of the quarter.
Key Takeaways
Sleep Number reported a decrease in net sales by 20% compared to the previous year, but saw high-single digit demand growth in the last two months of the quarter. The company's gross profit rate decreased due to product mix changes and sales deleverage, while operating expenses were reduced. The company is not providing financial guidance due to the continued uncertainty related to COVID-19.
Net sales were $285 million, down 20% compared with $356 million last year.
Gross profit rate of 57.2%, compared with 61.0% last year, reflecting product mix changes and sales deleverage as a result of COVID-19.
Operating expense reduction of $35 million or 17% versus prior year, reflects immediate actions taken to reduce expenses
Net loss per diluted share of $0.45, compared to net income per diluted share of $0.14 last year
Sleep Number
Sleep Number
Sleep Number Revenue by Segment
Revenue by Segment
Retail Stores Revenue
CapyFin.comOnline, Phone, Chat and Other Revenue
CapyFin.com Forward Guidance
The company is not providing any further financial guidance at this time due to the continued uncertainty related to COVID-19. The company expects to meet its liquidity needs from operating cash flows and its existing credit facility, while funding growth initiatives and other longer-term opportunities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income