Business
Sleep Number Announces Record Fourth-Quarter and Full-Year 2020 Results
Fourth-quarter net sales growth accelerated to 29% versus last year; full-year net sales increased 9% to $1.86 billion Full-year diluted EPS increased 81%
About this update from Sleep Number Corporation
[{"type":"text","content":"\n\nFourth-quarter net sales growth accelerated to 29% versus last year; full-year net sales increased 9% to $1.86 billion\n\n\nFull-year diluted EPS increased 81% versus the prior year to $4.90\n\n\nGenerated a 48% increase in operating cash flows, and a trailing twelve-month ROIC of 25%\n\n\nProvides 2021 earnings outlook of at least $6.00 per diluted share, more than doubling EPS in two years\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nSleep Number Corporation (Nasdaq: SNBR) today reported results for the year ended January 2, 2021.\n\n“In a year of challenge and change, our mission-driven team delivered exceptional results by leveraging the power of vertical integration, digitization and focusing on what matters most to our stakeholders,” said Shelly Ibach, President and Chief Executive Officer. “We broadened our sleep leadership and brand relevance with our revolutionary 360® smart beds as consumers’ increased their understanding of the link between proven quality sleep and wellbeing. With strong momentum in the first quarter and ongoing investments in sleep science-based innovations and digital technologies, we are well-positioned to generate sustainable profitable growth for years to come.”\n\nFull Year Overview\n\n\nNet sales increased 9% to $1.86 billion in 2020, including a 6% comparable sales gain, 1.5 percentage points (ppt.) of growth from new stores and 2.5 ppt. of growth from the extra week\n\n\nGross profit rate increased 40 basis points (bp) to 62.3% of net sales, despite significant disruption from COVID-19 in the second quarter\n\n\nOperating income increased 65% to $185 million, or 10.0% of net sales; increased 55% excluding the 53rd week\n\n\nEarnings per diluted share increased 81% to $4.90; increased 70% excluding the 53rd week\n\n\nFiscal 2020 included a 53rd week, which we estimate added approximately $41 million in sales, $11.2 million in operating income and $0.30 of diluted earnings per share\n\n\nFourth Quarter Overview\n\n\nNet sales increased 29% to $568 million, including a 19% comparable sales gain, one ppt. of growth from new stores and 9 ppt. of growth from the additional week in the fourth quarter\n\n\nOperating income increased 126% to $75 million; increased 92% excluding the 53rd week\n\n\nEarnings per diluted share increased 167% to $2.19; increased 129% excluding the 53rd week\n\n\nCash Flows an...