Sleep Number Announces Fourth Quarter and Full Year 2024 Results

About this update from Sleep Number Corporation

MINNEAPOLIS, March 05, 2025 --( BUSINESS WIRE )--Sleep Number Corporation (Nasdaq: SNBR) today reported results for the year ended December 28, 2024. "In the face of significant ongoing weakness in the U.S. bedding industry, we have transformed Sleep Number’s operating model over the past 18 months for greater financial resilience. In 2024, we delivered gross margin rate improvement and operating cost reductions that were nearly double our original targets for the year, while generating positive free cash flow," said Shelly Ibach, Chair, President and CEO. "While the marketplace remains extremely challenging, our dedicated team is intently focused on driving improved demand and further advancing our operating model transformation, which position Sleep Number to deliver profitable long-term growth when the market recovers." Fourth Quarter Overview Full Year Overview Cash Flows and Liquidity Review Amended Credit Agreement The company also announced today that it has entered into an amendment for its existing revolving credit facility, including permitted financial covenant levels, to provide greater flexibility through 2025. Additional details regarding the credit agreement amendment are available on the Form 8-K filed with the Securities and Exchange Commission. Leadership Transition In a separate press release today, the company also announced: Financial Outlook As Ms. Findley transitions into her role, we want to provide her with the time and flexibility necessary to evaluate our strategies and business trends prior to issuing a 2025 financial outlook at a later date. Conference Call Information Management will host its regularly scheduled conference call to discuss the company’s results at 5 p.m. EST (4 p.m. CST; 2 p.m. PST) today. To access the webcast, please visit the investor relations area of the Sleep Number website at https://ir.sleepnumber.com . The webcast replay will remain available for approximately 60 days. About Sleep Number Corporation Sleep Number is a wellness technology company. We are guided by our purpose to improve the health and wellbeing of society through higher quality sleep; to date, our innovations have improved nearly 16 million lives. Our wellness technology platform helps solve sleep problems, whether it’s providing individualized temperature control for each sleeper through our Climate360 ® smart bed or applying our 32 billion hours of longitudinal sleep data and expertise to research with global institutions. Our smart bed ecosystem drives best-in-class engagement through dynamic, adjustable, and effortless sleep with personalized digital sleep and health insights; our millions of Smart Sleepers are loyal brand advocates. And our 3,700 mission-driven team members passionately innovate to drive value creation through our vertically integrated business model, including our exclusive direct-to-consumer selling in nearly 650 stores and online. To learn more about life-changing, individualized sleep, visit a Sleep Number ® store near you, our newsroom and investor relations sites, or SleepNumber.com Forward-looking Statements Statements used in this news release relating to future plans, events, financial results or performance, such as the statements that the company has transformed its operating model for greater financial resilience and is focused on driving demand and taking deliberate actions to strengthen the company’s operating fundamentals, which position the company to deliver profitable long-term growth when the market recovers, statements about its CEO and Board leadership transition, and future plans to issue financial guidance are forward-looking statements subject to certain risks and uncertainties which could cause the company’s results to differ materially. The most important risks and uncertainties are described in the company’s filings with the Securities and Exchange Commission, including in Item 1A of the company’s Annual Report on Form 10-K and other periodic reports. Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update any forward-looking statement.   View source version on businesswire.com: https://www.businesswire.com/news/home/20250305313630/en/ Contacts Investor Contact: Dave Schwantes; (763) 551-7498; [email protected] Media Contact: Julie Elepano; [email protected]

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