Business
Sleep Number Announces Fourth Quarter and Full Year 2022 Results
Fourth quarter net sales increased 1% versus the prior year Full year net sales decreased 3% to $2.11 billion, with full year diluted earnings per share
About this update from Sleep Number Corporation
[{"type":"text","content":"\n\nFourth quarter net sales increased 1% versus the prior year\n\n\nFull year net sales decreased 3% to $2.11 billion, with full year diluted earnings per share (EPS) of $1.60\n\n\nGenerated $36 million of operating cash flows for the year and an Adjusted ROIC of 17.6%\n\n\nProvides 2023 earnings outlook of $1.25 to $2.00 per diluted share\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nSleep Number Corporation (Nasdaq: SNBR) today reported results for the year ended December 31, 2022.\n\n“As we navigated a series of significant macro challenges in 2022, we achieved important strategic advancements that strengthen our sleep technology leadership. These advancements will position Sleep Number to capitalize on profitable growth opportunities when the consumer environment improves,” said Shelly Ibach, Chair, President and CEO. “Consumer response to our best innovation to date – the new Climate360 smart bed – has been strong, and we are excited to introduce our next-generation smart beds beginning in the second quarter. We are seeing improved demand trends early in the year, with the consistent flow of microchips supporting normalized delivery times for our smart beds and adjustable bases. I am grateful to our Sleep Number team for their resilience and commitment to our purpose of improving the health and wellbeing of society through higher quality sleep.”\n\nFourth Quarter Overview\n\n\nNet sales were $498 million, up 1% compared with $492 million last year\n\n\nGross profit decreased 3% to $272 million, or 54.7% of net sales, compared with $280 million or 56.9% of net sales for the prior year\n\n\nNet loss per diluted share of $0.24, compared to net income per diluted share of $0.47 last year\n\n\nFull Year Overview\n\n\nNet sales decreased 3% to $2.11 billion in 2022; full year demand declined 13% versus the prior year, partially offset by the delivery of excess backlog\n\n\nGross profit decreased 9% to $1.2 billion, or 56.9% of net sales, including the impact of year-over-year input cost increases and inefficiencies from semiconductor chip constraints, partially offset by pricing actions\n\n\nDiluted EPS of $1.60, compared to $6.16 last year\n\n\nCash Flows and Liquidity Review\n\n\nGenerated $36 million in net cash from operating activities\n\n\nInvested $69 million in capital expenditures; suspended share repurchases in the second quar...