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Jul 01, 2023
Sleep Number Q2 2023 Earnings Report
Net sales decreased due to challenging macro environment, but demand steadily improved. EPS was reported at $0.03.
Key Takeaways
Sleep Number reported a decrease in net sales to $459 million, driven by a challenging macro environment. However, demand improved throughout the quarter. The company reported EPS of $0.03 and is taking actions to drive efficiencies and expand margins.
Second quarter net sales were $459 million; demand down mid-single digits versus the prior year
Reports second quarter diluted EPS of $0.03
2023 EPS outlook updated to a range of $1.25 to $1.75 per share
Announces the appointment of Francis Lee to Executive Vice President and Chief Financial Officer
Forward Guidance
The company updated its full-year 2023 diluted EPS outlook to a range of $1.25 to $1.75. The 2023 outlook assumes net sales are down low to mid-single digits versus the prior year and gross margin improvement of more than 150 basis points versus 2022. The company expects to generate more than $100 million of operating cash flow for the year and positive free cash flows. The company anticipates 2023 capital expenditures of $50 million to $60 million.
Positive Outlook
- EPS outlook updated to a range of $1.25 to $1.75
- Net sales are down low to mid-single digits versus the prior year
- Gross margin improvement of more than 150 basis points versus 2022
- Expects to generate more than $100 million of operating cash flow for the year
- Anticipates 2023 capital expenditures of $50 million to $60 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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