==Sleep Number (SNBR) reported earnings on Wed 31 July 24 (a/h)

 

Sleep Number beats by $0.18, misses on revs; guides FY24 revs in-line

Reports Q2 (Jun) loss of $0.22 per share, $0.18 better than the FactSet Consensus of ($0.40); revenues fell 11.0% year/year to $408.4 mln vs the $415.05 mln FactSet Consensus. Co issues in-line guidance for FY24, sees FY24 mid-single digit net sales decline, which translates to ~$1.79 bln vs. $1.78 bln FactSet Consensus.

Reiterate full-year 2024 adjusted EBITDA outlook of $125 million to $145 million. For the second half of the year, we expect demand and net sales to be flat to down low-single digits versus the prior year, as we lap easier comparisons from the prior year and benefit from demand driving initiatives. The company expects at least 100 basis points of gross margin rate improvement and $14 million of restructuring charges for the year. The company now expects to generate $50 million to $70 million of free cash flow with capital expenditures of $30 million.