Why Is Sleep Number (SNBR) Stock Down 25% Today?


  • Sleep Number (SNBR) stock is falling with a mixed earnings report.
  • The company beat EPS estimates but missed on revenue.
  • Sleep Number also announced a new Chief Financial Officer today.
SNBR Stock - Why Is Sleep Number (SNBR) Stock Down 25% Today?

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Sleep Number (NASDAQ:SNBR) stock is falling on Friday following the release of its latest earnings report and the announcement of a new Chief Financial Officer.

That earnings report starts with earnings per share of 3 cents. That’s better than the -1 cents per share that Wall Street was expecting for the quarter. However, EPS for the second quarter of 2022 came in at $1.54.

Not helping SNBR stock today is the company’s revenue of $458.79 million. That’s worse than the $471.39 million in revenue that Wall Street was expecting for the quarter as well as a 16% drop year-over-year (YOY).

Another negative from the earnings report is Sleep Number’s updated guidance for 2023. The company now expects EPS for the year to range from $1.25 per share to $1.75 per share. At the midpoint of $1.50 per share, the company would miss Wall Street’s estimate of $1.55 per share.

SNBR Stock: Sleep Number Announces New CFO

To go along with that mixed earnings report, Sleep Number also announced the appointment of a new CFO. This has Francis Lee taking over as Executive Vice President and CFO of the company. Lee is taking on these roles from Chris Krusmark, who has served as EVP and interim CFO since the start of the year.

Shelly Ibach, Chairman, President and CEO of Sleep Number, said the following about Lee joining the team:

“We’re pleased that our comprehensive search led us to Francis. His experience in operational transformation for consumer value and increased profits will be catalysts for our evolving business model and differentiated strategy as we drive long-term superior shareholder value.”

SNBR stock is down 25.4% as of Friday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/07/why-is-sleep-number-snbr-stock-down-25-today/.

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