Business
Sleep Number Announces Record Fourth-Quarter and Full-Year 2019 Results
2019 full-year net sales up 11% to a record $1.7 billion Full-year diluted EPS up 41% to $2.70 Operating cash flows increased 44% to $189 million; generated
About this update from Sleep Number Corporation
[{"type":"text","content":"\n\n2019 full-year net sales up 11% to a record $1.7 billion\n\n\n\n\nFull-year diluted EPS up 41% to $2.70\n\n\n\n\nOperating cash flows increased 44% to $189 million; generated 17.8% ROIC for the year\n\n\n\n\nProvides 2020 earnings outlook of $3.10 per diluted share, an increase of 15% versus 2019\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nSleep Number Corporation (Nasdaq: SNBR) today reported record results for the year ended December 28, 2019.\n\n\n“Consumer response to our revolutionary 360® smart beds has been exceptional, driving six consecutive quarters of double-digit demand growth, including acceleration in the fourth quarter,” stated Shelly Ibach, President and CEO. “Our differentiated, consumer innovation strategy drove record results again in 2019, including an 11% net sales increase to $1.7 billion and a 41% increase in diluted EPS to $2.70 per share. We begin the next chapter of our strategic journey as a purpose driven company in the health and wellness space. Executing our ambitious vision, while investing to ensure broad consumer relevance is delivering superior returns for our shareholders.”\n\n\nFull Year Overview\n\n\n\nNet sales increased 11% to $1.7 billion in 2019, including a 6% comparable sales gain and 5 percentage points of growth from new stores\n\n\n\n\nGross profit rate increased 130 basis points (bp) to 61.9% of net sales\n\n\n\n\nOperating income increased 21% to $112 million, or 6.6% of net sales, up 60 bp versus prior year, while investing in our near- and long-term growth drivers\n\n\n\n\nEarnings per diluted share increased 41% to $2.70\n\n\n\nFourth Quarter Overview\n\n\n\nNet sales increased 7% (up 14% versus prior year adjusted) to $441 million\n\n\n\n\nPrior year’s reported results were impacted by one week of deliveries ($24 million of net sales and 23 cents of EPS) which shifted from the third to the fourth quarter; refer to the Reconciliation of Non-GAAP Financial Measures tables on page 10 of our fourth quarter 2018 earnings press release\n\n\n\n\nEarnings per diluted share of $0.82, compared with $0.81 for the prior year ($0.58 prior year adjusted)\n\n\n\n2019 Full Year Cash Flows and Liquidity Review\n\n\n\nGenerated a record $189 million in net cash from operating activities, up 44% versus the prior year\n\n\n\n\nInvested $59 million in capital expenditures, compared with $46 million f...