Welcome to our dedicated page for Sleep Number news (Ticker: SNBR), a resource for investors and traders seeking the latest updates and insights on Sleep Number stock.
Sleep Number Corporation (SNBR) delivers innovative sleep solutions through its smart bed technology and wellness-focused products. This news hub provides investors and industry observers with timely updates on corporate developments, financial performance, and sleep technology advancements.
Access official press releases covering quarterly earnings, product launches, and strategic partnerships. Our curated collection includes analyses of Sleep Number's vertical integration model and its market impact through SleepIQ®-enabled innovations.
Key content areas include executive leadership updates, retail expansion announcements, and technological breakthroughs in sleep monitoring. Bookmark this page for reliable updates on SNBR's initiatives in personalized sleep health solutions and direct-to-consumer sales strategies.
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) 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 (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 (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.
MedtechWOMEN has named Deborah Kilpatrick, PhD, Executive Chair and former CEO of Evidation Health, as the recipient of the 2024 Ferolyn Powell Award. This prestigious honor recognizes leaders in medical technology who embody excellence, innovation, and mentorship. Kilpatrick, a co-founder of MedtechWOMEN, accepted the award at the annual MedtechVISION conference in Menlo Park, California.
Kilpatrick's career spans leadership roles at Guidant and Evidation Health. She currently advises medtech and digital health startups, and serves as a director at Sleep Number (NASDAQ: SNBR), NextGen Jane, and Sutter Health. The award highlights her commitment to advancing diversity and innovation in the medtech industry, aligning with the values championed by Ferolyn Powell.
Sleep Number (Nasdaq: SNBR) reported Q2 2024 results, generating adjusted EBITDA of $28 million. Despite an 11% decline in net sales to $408 million, the company achieved a gross margin rate of 59.1%, up 150 basis points year-over-year. Operating expenses were reduced by $19 million for the quarter. The company reiterated its full-year 2024 adjusted EBITDA outlook of $125 million to $145 million.
Key highlights include:
- Year-to-date free cash flow increased $21 million compared to last year
- Prioritizing debt reduction and lowering leverage
- Expecting mid-single digit net sales decline for the year
- Anticipating at least 100 basis points of gross margin rate improvement
- Projecting $50 million to $70 million of free cash flow for 2024
Sleep Number (Nasdaq: SNBR) has announced that it will release its second quarter 2024 results on Wednesday, July 31, 2024, after the market closes. The results will cover the period through June 29, 2024. Following the release, the company's management will host a conference call at 5 p.m. EDT to discuss the results.
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 after the call, providing an opportunity for those who miss the live event to catch up on the discussion and results.
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