Sleep Number Corporation (SNBR) Q1 2025 Earnings Call

Investor webinar replay

Watch the replay and follow the connected company analysis, news, and investor updates for Sleep Number Corporation.

Watch the replay

Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.277 No matter if you want to track your sleep data like me or just wake up refreshed because 00:00:04.277 -- 00:00:08.944 our beds effortlessly adjust to you night after night without ever looking at your device, 00:00:08.944 -- 00:00:12.149 our years of innovation meet your needs. 00:00:12.149 -- 00:00:16.996 With the only bed backed with 33 billion hours of sleep data and counting, we are ahead 00:00:16.996 -- 00:00:21.142 of the curve, and that allows us to focus our resources on the here and now of our customers' 00:00:21.142 -- 00:00:26.390 needs. Specifically, we will deprioritize adjacent opportunities where returns 00:00:26.390 -- 00:00:29.444 are uncertain or will take longer to realize. 00:00:29.444 -- 00:00:33.869 Instead, we will focus our resources on maintaining and improving our core technologies 00:00:33.869 -- 00:00:38.892 and introducing additional advancements while driving costs out of the product. 00:00:39.334 -- 00:00:43.298 Together, these initial efforts are the first steps to creating a more efficient and 00:00:43.298 -- 00:00:47.383 focused company for shareholders, team members, and customers. 00:00:47.383 -- 00:00:52.488 We expect the collective actions to reduce expenses by about $80 to $100 million 00:00:52.488 -- 00:00:57.653 before restructuring costs on an annualized basis as compared to our Q1 2025 00:00:57.653 -- 00:00:59.633 cost structure. 00:00:59.633 -- 00:01:03.736 Since I joined earlier this month, we have already reduced our Q2 operating expenses 00:01:03.736 -- 00:01:09.640 by approximately 10% compared to the Q1 2025 cost structure. 00:01:09.742 -- 00:01:13.865 We are also thinking long-term and are evaluating more fundamental changes to position 00:01:13.865 -- 00:01:16.427 Sleep Number for ...