Welcome to our dedicated page for Sleep Number Corporation news (Ticker: SNBR), a resource for investors and traders seeking the latest updates and insights on Sleep Number Corporation stock.
Sleep Number Corporation (symbol: SNBR) is a leading wellness technology company dedicated to improving lives by individualizing sleep experiences. Headquartered in Minneapolis, Minnesota, the company designs, manufactures, markets, and distributes a comprehensive range of smart sleep solutions. Sleep Number is well-known for its Sleep Number® beds, which feature innovative SleepIQ® technology to track and monitor sleep patterns, allowing users to make adjustments for optimal sleep quality.
As a vertically integrated, direct-to-consumer retailer, Sleep Number reaches its customers through a variety of channels, including physical stores, online platforms, phone, and chat services. This approach ensures a seamless shopping experience and direct engagement with consumers.
Sleep Number's product lineup includes not only its iconic Sleep Number® beds but also a variety of complementary sleep products. These include FlexFit™ adjustable bases, Sleep Number® bedding, pillows, and furniture, all designed to enhance overall sleep quality.
Founded as a publicly traded company on NASDAQ under the ticker symbol SCSS since 1998, Sleep Number has consistently demonstrated financial growth and stability. In 2014, the company reported annual revenue exceeding $1.16 billion, showcasing its significant market presence and consumer trust.
Recent achievements highlight Sleep Number's commitment to innovation and customer satisfaction. The introduction of the SleepIQ Kids™ bed reflects their dedication to delivering tailored sleep solutions for every age group. These products not only improve sleep but also contribute to overall wellness.
Sleep Number's manufacturing and distribution facilities located in South Carolina further bolster their operational efficiency. By valuing the unique talents, perspectives, and experiences of their team members, Sleep Number fosters a culture that prioritizes customer well-being and employee satisfaction alike.
Keep up with the latest developments, performance updates, and news from Sleep Number Corporation to stay informed about how they continue to revolutionize the sleep industry.
Stadium Capital Management, the largest shareholder of Sleep Number (NASDAQ: SNBR) with 11.7% ownership, issued a letter to shareholders proposing changes to the company's Board of Directors and executive leadership.
Stadium Capital criticizes the current Board's governance and CEO hiring process, suggesting it is ineffective and slow. They propose appointing Patrick 'Pat' Hopf as Executive Chairman and Gary Fazio as Strategic Advisor. Hopf, a founding investor, has extensive experience with Sleep Number, while Fazio has a strong track record in the mattress industry, including leadership roles at Mattress Firm Group and Simmons Bedding.
Stadium Capital believes these appointments, along with other governance changes, will improve the Board's effectiveness, attract a high-caliber CEO, and ultimately enhance shareholder returns. They urge shareholders to support their proposed path forward.
Stadium Capital Management, Sleep Number's (NASDAQ: SNBR) largest shareholder with 11.7% ownership, has called for immediate boardroom changes, citing support from shareholders representing over 45% of outstanding shares. The activist investor is urging five long-tenured directors to step down, including Stephen Gulis, Michael Harrison, Shelly Ibach, Brenda Lauderback, and Barbara Matas.
Since Stadium Capital's November 25th letter, SNBR's stock has risen by more than 63%, adding approximately $175 million in market value. The firm opposes the current CEO search process and has nominated four new director candidates on December 2nd, 2024. Stadium Capital highlights SNBR's significant underperformance compared to competitor Tempur Sealy International, with SNBR showing -85% and -74% returns over 3-year and 5-year periods respectively.
Stadium Capital Management, Sleep Number's largest shareholder with an 11.7% stake, has nominated four director candidates for the company's Board of Directors for the 2025 Annual Meeting. The nominees include Patrick A. Hopf (former Sleep Number Chairman), Jeffrey T. Jackson, Jessica M. Prager, and Kevin Baker. This action follows Stadium Capital's expressed concerns about Sleep Number's financial performance, governance, and CEO search process. The company's shares appreciated 20% following Stadium Capital's recent letter highlighting potential value enhancement paths.
Sleep Number (SNBR) has responded to Stadium Capital Management's public letter to shareholders regarding CEO succession. The company highlighted its comprehensive CEO search process, led by the Management Development and Compensation Committee with support from Korn Ferry. Despite extensive engagement with Stadium, including adding two Stadium-recommended directors and multiple meetings, Stadium made an unusual demand for direct participation in the CEO succession process. The Board maintains its current approach is robust and best-in-class, featuring weekly committee meetings, independent oversight, and full Board involvement in the final decision. The company has already identified qualified candidates and remains open to shareholder input while prioritizing an effective succession.
Stadium Capital Management, Sleep Number's largest shareholder with an 11.7% stake, has issued a letter criticizing the company's board and leadership. The letter highlights significant shareholder value destruction, with SNBR's stock down 91% from its peak and underperforming competitor Tempur Sealy by 482% during CEO Shelly Ibach's tenure. Stadium Capital argues that recent governance changes, including Ibach's retirement announcement and board declassification plans, are insufficient. They express concerns about the CEO search process, claiming it lacks independence from Ibach. The firm proposes immediate board refreshment, including replacing several directors, and threatens to nominate new directors at the 2025 Annual Meeting if their concerns aren't addressed.
Sleep Number (SNBR) announced that CEO Shelly Ibach will retire no later than the 2025 Annual Meeting. During her 12-year tenure as CEO, Ibach transformed the company from a mattress retailer with $743 million in annual sales to a sleep wellness technology company with $1.9 billion in 2023 revenues. The Board has engaged an executive search firm to identify her successor, and Ibach will serve as Chair through the 2025 Annual Meeting and as a strategic advisor through 2025. The company also announced plans for Board changes, including the retirement of two long-serving directors by 2026 and corporate governance enhancements such as Board declassification.
Sleep Number (SNBR) reported Q3 2024 results with net sales of $427 million, down 10% year-over-year. The company achieved a gross margin of 60.8%, up 340 basis points, and delivered adjusted EBITDA of $28 million, up 11% compared to prior year. Operating expenses decreased by $17 million for the quarter. Due to ongoing weakness in the bedding industry, Sleep Number updated its full-year 2024 adjusted EBITDA outlook to $115-125 million. The company also announced CEO Shelly Ibach's planned retirement no later than the 2025 Annual Meeting.
Sleep Number (Nasdaq: SNBR) has announced that it will release its fiscal third quarter results for the period ending September 28, 2024, after the market closes on Wednesday, October 30, 2024. The company will host a conference call to discuss the results at 5 p.m. EDT (4 p.m. CDT; 2 p.m. PDT) on the same day.
Investors and interested parties can access the webcast of the conference call through the investor relations section of Sleep Number's website at https://ir.sleepnumber.com. The webcast replay will be available for approximately 60 days following the call.
Sleep Number announces a 'Hot Flash Sale' from October 18-21 to commemorate World Menopause Day, highlighting the connection between temperature, menopause, and sleep quality. The sale features special offers on temperature-regulating products, including:
- 10% off the new ClimateCool smart bed
- 20% off the Climate360 smart bed
- BOGO Free True Temp pillows
- 25% off all True Temp bedding
- 20% off DualTemp layer
Recent Sleep Number research reveals that menopause negatively impacts sleep quality for many women, with nearly 90% of respondents experiencing hot flashes. The company aims to address these issues through innovations and research, focusing on women's unique sleep needs during different life stages.
Sleep Number (Nasdaq: SNBR) has launched the new ClimateCool™ smart bed, designed to actively cool and adjust for each sleeper. This innovation features:
- Cooling up to 15 degrees on each side
- Cooling 20 times faster than a leading competitor
- Scientifically backed cooling programs developed with Northwestern University
- Adjustable firmness for each side
The ClimateCool smart bed addresses temperature-related sleep issues, particularly beneficial for menopausal women. It includes superior cooling technology, SmartTemp™ Programs, and individualized comfort settings. The bed is available starting at $5,499 for a Queen size with integrated base.
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