Sleep Number Announces Fourth Quarter and Full Year 2024 Results

Rhea-AI Summary

Sleep Number (SNBR) reported its Q4 and full-year 2024 results, showing mixed performance amid challenging market conditions. Q4 highlights include:

- Net sales of $377M (down 12% YoY)
- Gross margin of 59.9% (up 330 basis points)
- Net loss of $5M (improved from $25M loss in 2023)
- Adjusted EBITDA of $26M (up 43% YoY)

Full-year 2024 results showed:
- Net sales of $1.68B (down 11%)
- Gross margin of 59.6% (up 190 basis points)
- Operating expense reduction of $88M
- Net loss of $20M (vs $15M loss in 2023)
- Adjusted EBITDA of $120M

The company announced Linda Findley as new President and CEO effective April 7, 2025, and amended its credit facility for greater flexibility through 2025. 2025 financial outlook will be provided after the CEO transition.

Positive

• Q4 gross margin improved 330bp to 59.9%
• Q4 adjusted EBITDA up 43% to $26M
• Operating expenses reduced by $88M in 2024
• Positive free cash flow of $4M (up $70M YoY)
• Credit facility amended for greater flexibility through 2025

Negative

• Q4 net sales declined 12% to $377M
• Full year net sales dropped 11% to $1.68B
• Net loss increased to $20M in 2024 from $15M in 2023
• High leverage ratio at 4.2x EBITDAR
• Significant ongoing weakness in U.S. bedding industry

Insights

Sleep Number's Q4 and full-year 2024 results demonstrate a company focused on operational efficiency amid persistent industry challenges. The bedding retailer managed to substantially improve its gross margin to 59.9% in Q4 (up 330 basis points) and 59.6% for the full year (up 190 basis points) through aggressive cost management and supply chain optimization.

The company's significant cost-cutting initiatives yielded $88 million in operating expense reductions for the year, helping to deliver Q4 adjusted EBITDA of $26 million - a 43% year-over-year improvement. However, these operational gains couldn't fully offset the troubling 11% full-year revenue decline to $1.68 billion, resulting in a net loss of $20 million compared to a $15 million loss in 2023.

Sleep Number's financial position remains precarious with a leverage ratio of 4.2x EBITDAR approaching its covenant maximum of 4.8x, necessitating an amendment to its credit agreement for additional flexibility. While the company generated positive free cash flow of $4 million for the year (a $70 million improvement), this modest achievement highlights ongoing liquidity constraints.

The appointment of Linda Findley as CEO effective April 2025 represents a pivotal leadership transition during a critical period. The decision to withhold 2025 guidance pending this transition suggests significant strategic reassessment is forthcoming.

Financial Analyst:

Sleep Number's results reveal a company executing well on controllable factors while struggling with broader market headwinds. The dramatic improvement in gross margins through value engineering and logistics efficiencies demonstrates strong operational execution, but the declining sales trajectory remains deeply concerning.

The company's debt structure deserves particular attention. With a 4.2x leverage ratio and amended credit covenants, Sleep Number has minimal financial cushion should industry conditions deteriorate further. The positive free cash flow, while improved, provides flexibility for significant investments in growth initiatives.

The operational transformation has created a more resilient cost structure, evidenced by the 43% increase in Q4 adjusted EBITDA despite sales declines. However, with $88 million already cut from operating expenses, further significant cost reduction opportunities may be without compromising core operations.

From an investor perspective, the important question becomes whether Sleep Number can stabilize and eventually grow revenues when industry conditions improve, or if structural market shifts will continue to pressure the specialty bedding segment regardless of economic conditions. The incoming CEO will need to balance further operational efficiencies with strategic initiatives to reinvigorate the brand and drive consumer demand in an increasingly competitive landscape.

• Delivered a fourth quarter gross profit rate of 59.9%, up 330 basis points (bp) versus the prior year, with a full-year gross profit rate of 59.6%, up 190 bp versus the prior year
• Reduced fourth operating expenses by $28 million year-over-year, with an $88 million reduction for full year 2024 (before restructuring costs)
• Reported a fourth quarter net loss of $5 million compared with a net loss of $25 million for the same period last year
• Delivered fourth quarter adjusted EBITDA of $26 million, up 43% versus the same period last year, with full year adjusted EBITDA of $120 million which was at the midpoint of our most recent earnings outlook
• Announced in a separate press release the appointment of Linda Findley as Sleep Number’s President and Chief Executive Officer and Board member effective April 7, 2025

MINNEAPOLIS--(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

• Net sales of $377 million were down 12% versus the prior year, including one to two percentage points of pressure from lower store count versus the prior year
• Gross margin of 59.9% was up 330 bp versus the prior year, driven by year-over-year product cost reductions, favorable product mix, and efficiency gains in our home delivery and logistics operations
• Operating expenses of $219 million were down $28 million versus the prior year (before restructuring costs)
• Net loss of $5 million compared with a net loss of $25 million for the same period last year
• Adjusted EBITDA of $26 million was up 43% compared to the prior year, with an adjusted EBITDA margin of 7.0%, up 270 bp versus the prior year

Full Year Overview

• Net sales decreased 11% to $1.68 billion in 2024
• Gross margin of 59.6% of net sales was up 190 bp versus the prior year, including the benefit of product cost reductions through value engineering and ongoing supplier negotiations and ongoing efficiencies in our home delivery and logistics operations
• Operating expenses of $962 million were reduced by $88 million versus the prior year (before restructuring costs)
• Net loss of $20 million versus a net loss of $15 million last year
• Adjusted EBITDA of $120 million, with an adjusted EBITDA margin of 7.1%, up 40 bp versus the prior year

Cash Flows and Liquidity Review

• Net cash provided by operating activities of $27 million for the year, up $36 million versus the same period last year
• Free cash flow of $4 million for the year, up $70 million versus the prior year
• Leverage ratio of 4.2x EBITDAR at the end of the year versus covenant maximum of 4.8x

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:

• Linda Findley has been appointed as Sleep Number’s President and Chief Executive Officer, and a member of the Board effective April 7, 2025
• In addition, Phillip M. Eyler has been appointed independent Chair of the Board, effective upon the conclusion of the 2025 Annual Meeting

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.

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited – in thousands, except per share amounts)
	Three Months Ended
	December 28, 2024				% of Net Sales			December 30, 2023				% of Net Sales
Net sales	$	376,817			100.0	%		$	429,518			100.0	%
Cost of sales		151,236			40.1	%			186,609			43.4	%
Gross profit		225,581			59.9	%			242,909			56.6	%
Operating expenses:
Sales and marketing		170,232			45.2	%			198,032			46.1	%
General and administrative		38,234			10.1	%			35,477			8.3	%
Research and development		10,653			2.8	%			13,276			3.1	%
Restructuring costs		3,684			1.0	%			15,728			3.7	%
Total operating expenses		222,803			59.1	%			262,513			61.1	%
Operating income (loss)		2,778			0.7	%			(19,604	)		(4.6	%)
Interest expense, net		11,742			3.1	%			12,687			3.0	%
Loss before income taxes		(8,964	)		(2.4	%)			(32,291	)		(7.5	%)
Income tax benefit		(4,299	)		(1.1	%)			(7,103	)		(1.7	%)
Net loss	$	(4,665	)		(1.2	%)		$	(25,188	)		(5.9	%)
Net loss per share – basic	$	(0.21	)					$	(1.12	)
Net loss per share – diluted	$	(0.21	)					$	(1.12	)
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding		22,659							22,483
Dilutive effect of stock-based awards		—							—
Diluted weighted-average shares outstanding		22,659							22,483

For the three months ended December 28, 2024 and December 30, 2023, potentially dilutive stock-based awards have been excluded from the calculation of diluted weighted-average shares outstanding, as their inclusion would have had an anti-dilutive effect on our net loss per diluted share.

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited – in thousands, except per share amounts)
	Twelve Months Ended
	December 28, 2024				% of Net Sales			December 30, 2023				% of Net Sales
Net sales	$	1,682,296			100.0	%		$	1,887,482			100.0	%
Cost of sales		679,523			40.4	%			798,952			42.3	%
Gross profit		1,002,773			59.6	%			1,088,530			57.7	%
Operating expenses:
Sales and marketing		766,624			45.6	%			847,442			44.9	%
General and administrative		149,956			8.9	%			146,621			7.8	%
Research and development		45,255			2.7	%			55,797			3.0	%
Restructuring costs		18,066			1.1	%			15,728			0.8	%
Total operating expenses		979,901			58.2	%			1,065,588			56.5	%
Operating income		22,872			1.4	%			22,942			1.2	%
Interest expense, net		48,368			2.9	%			42,695			2.3	%
Loss before income taxes		(25,496	)		(1.5	%)			(19,753	)		(1.0	%)
Income tax benefit		(5,162	)		(0.3	%)			(4,466	)		(0.2	%)
Net loss	$	(20,334	)		(1.2	%)		$	(15,287	)		(0.8	%)
Net loss per share – basic	$	(0.90	)					$	(0.68	)
Net loss per share – diluted	$	(0.90	)					$	(0.68	)
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding		22,606							22,429
Dilutive effect of stock-based awards		—							—
Diluted weighted-average shares outstanding		22,606							22,429

For the years ended December 28, 2024 and December 30, 2023, potentially dilutive stock-based awards have been excluded from the calculation of diluted weighted-average shares outstanding, as their inclusion would have had an anti-dilutive effect on our net loss per diluted share.

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (unaudited – in thousands, except per share amounts) subject to reclassification
	December 28, 2024				December 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	1,950			$	2,539
Accounts receivable, net of allowances of $1,113 and $1,437, respectively		17,516				26,859
Inventories		103,152				115,433
Prepaid expenses		14,568				16,660
Other current assets		44,098				44,637
Total current assets		181,284				206,128
Non-current assets:
Property and equipment, net		129,574				179,503
Operating lease right-of-use assets		356,641				395,411
Goodwill and intangible assets, net		66,412				66,634
Deferred income taxes		33,575				20,253
Other non-current assets		93,324				82,951
Total assets	$	860,810			$	950,880
Liabilities and Shareholders’ Deficit
Current liabilities:
Borrowings under revolving credit facility	$	546,600			$	539,500
Accounts payable		107,619				135,901
Customer prepayments		46,933				49,143
Accrued sales returns		19,092				22,402
Compensation and benefits		31,038				28,273
Taxes and withholding		18,619				17,134
Operating lease liabilities		82,307				81,760
Other current liabilities		55,804				61,958
Total current liabilities		908,012				936,071
Non-current liabilities:
Operating lease liabilities		307,201				351,394
Other non-current liabilities		97,183				105,343
Total non-current liabilities		404,384				456,737
Total liabilities		1,312,396				1,392,808
Shareholders’ deficit:
Undesignated preferred stock; 5,000 shares authorized, no shares issued and outstanding		—				—
Common stock, $0.01 par value; 142,500 shares authorized, 22,388 and 22,235 shares issued and outstanding, respectively		224				222
Additional paid-in capital		27,390				16,716
Accumulated deficit		(479,200	)			(458,866	)
Total shareholders’ deficit		(451,586	)			(441,928	)
Total liabilities and shareholders’ deficit	$	860,810			$	950,880

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited – in thousands) subject to reclassification
	Twelve Months Ended
	December 28, 2024				December 30, 2023
Cash flows from operating activities:
Net loss	$	(20,334	)		$	(15,287	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		66,351				74,043
Stock-based compensation		11,444				14,855
Net loss on disposals and impairments of assets		4,315				2,898
Deferred income taxes		(13,322	)			(12,295	)
Changes in operating assets and liabilities:
Accounts receivable		9,343				(854	)
Inventories		12,281				(1,399	)
Income taxes		3,987				(5,969	)
Prepaid expenses and other assets		(10,867	)			(5,220	)
Accounts payable		(15,910	)			(28,934	)
Customer prepayments		(2,210	)			(24,038	)
Accrued compensation and benefits		2,755				(2,943	)
Other taxes and withholding		(2,502	)			(519	)
Other accruals and liabilities		(18,188	)			(3,366	)
Net cash provided by (used in) operating activities		27,143				(9,028	)
Cash flows from investing activities:
Purchases of property and equipment		(23,505	)			(57,056	)
Proceeds from sales of property and equipment		156				21
Issuance of notes receivable		(2,942	)			(1,317	)
Net cash used in investing activities		(26,291	)			(58,352	)
Cash flows from financing activities:
Net (decrease) increase in short-term borrowings		(673	)			73,463
Repurchases of common stock		(768	)			(3,747	)
Proceeds from issuance of common stock		—				428
Debt issuance costs		—				(2,017	)
Net cash (used in) provided by financing activities		(1,441	)			68,127
Net (decrease) increase in cash and cash equivalents		(589	)			747
Cash and cash equivalents, at beginning of period		2,539				1,792
Cash and cash equivalents, at end of period	$	1,950			$	2,539

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Supplemental Financial Information (unaudited)
	Three Months Ended								Twelve Months Ended
	December 28, 2024				December 30, 2023				December 28, 2024				December 30, 2023
Percent of sales:
Retail stores		86.6	%			85.9	%			87.6	%			86.8	%
Online, phone, chat and other		13.4	%			14.1	%			12.4	%			13.2	%
Total Company		100.0	%			100.0	%			100.0	%			100.0	%
Sales change rates:
Retail comparable-store sales		(9	%)			(14	%)			(9	%)			(12	%)
Online, phone and chat		(17	%)			(20	%)			(17	%)			(15	%)
Total Retail comparable sales change		(10	%)			(15	%)			(10	%)			(12	%)
Net opened/closed stores and other		(2	%)			1	%			(1	%)			1	%
Total Company		(12	%)			(14	%)			(11	%)			(11	%)
Stores open:
Beginning of period		643				678				672				670
Opened		1				9				12				36
Closed		(4	)			(15	)			(44	)			(34	)
End of period		640				672				640				672
Other metrics:
Average sales per store ($ in 000's) 1	$	2,601			$	2,853
Average sales per square foot 1	$	841			$	926
Stores > $2 million net sales 2		57	%			65	%
Stores > $3 million net sales 2		18	%			24	%
Average revenue per smart bed unit 3	$	5,959			$	5,541			$	5,818			$	5,755

1	Trailing twelve months Total Retail comparable sales per store open at least one year.
2	Trailing twelve months for stores open at least one year (excludes online, phone and chat sales).
3	Represents Total Retail (stores, online, phone and chat) net sales divided by Total Retail smart bed units.

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (in thousands)
We define earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net (loss) income plus: income tax expense (benefit), interest expense, depreciation and amortization, stock-based compensation, restructuring costs, CEO transition/proxy contest costs, and asset impairments. Management believes Adjusted EBITDA is a useful indicator of our financial performance and our ability to generate cash from operating activities. Our definition of Adjusted EBITDA may not be comparable to similarly titled definitions used by other companies. The table below reconciles Adjusted EBITDA, which is a non-GAAP financial measure, to the comparable GAAP financial measure:
	Three Months Ended								Trailing Twelve Months Ended
	December 28, 2024				December 30, 2023				December 28, 2024				December 30, 2023
Net loss	$	(4,665	)		$	(25,188	)		$	(20,334	)		$	(15,287	)
Income tax benefit		(4,299	)			(7,103	)			(5,162	)			(4,466	)
Interest expense		11,742				12,687				48,368				42,695
Depreciation and amortization		15,628				17,984				64,979				72,479
Stock-based compensation		1,903				3,982				11,444				14,855
Restructuring costs 1		3,684				15,728				18,066				15,728
CEO transition/Proxy contest costs 2		998				—				998				—
Asset impairments		1,220				198				1,220				672
Adjusted EBITDA	$	26,211			$	18,288			$	119,579			$	126,676

1	Represents costs related to business restructuring actions initiated in the fourth quarter of fiscal 2023.
2	Represents costs related to CEO transition activities of $0.2 million and proxy contest costs of $0.8 million which were both initiated in the fourth quarter of fiscal 2024.

Free Cash Flow (in thousands)
	Three Months Ended								Trailing Twelve Months Ended
	December 28, 2024				December 30, 2023				December 28, 2024			December 30, 2023
Net cash (used in) provided by operating activities	$	(23,681	)		$	(40,844	)		$	27,143		$	(9,028	)
Subtract: Purchases of property and equipment		6,287				9,034				23,505			57,056
Free cash flow	$	(29,968	)		$	(49,878	)		$	3,638		$	(66,084	)

Note - Our Adjusted EBITDA calculations and Free Cash Flow data are considered non-GAAP financial measures and are not in accordance with, or preferable to, "as reported," or GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts.

GAAP - generally accepted accounting principles in the U.S.

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Calculation of Net Leverage Ratio under Revolving Credit Facility (in thousands)
	Trailing Twelve Months Ended
	December 28, 2024			December 30, 2023
Borrowings under revolving credit facility	$	546,600		$	539,500
Outstanding letters of credit		7,147			7,147
Finance lease obligations		241			319
Consolidated funded indebtedness	$	553,988		$	546,966
Operating lease liabilities 1		389,508			433,154
Total debt including operating lease liabilities (a)	$	943,496		$	980,120
Adjusted EBITDA (see above)	$	119,579		$	126,676
Consolidated rent expense		107,105			113,801
Consolidated EBITDAR (b)	$	226,684		$	240,477
Net Leverage Ratio under revolving credit facility (a divided by b)	4.2 to 1.0			4.1 to 1.0

1	Reflects operating lease liabilities included in our financial statements under ASC 842.

Note - Our Net Leverage Ratio under Revolving Credit Facility, Adjusted EBITDA and EBITDAR calculations are considered non-GAAP financial measures and are not in accordance with, or preferable to, "as reported," or GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts.

GAAP - generally accepted accounting principles in the U.S.

SLEEP NUMBER CORPORATION AND SUBSIDIARIES Calculation of Return on Invested Capital (Adjusted ROIC) (in thousands)
Adjusted ROIC is a financial measure we use to determine how efficiently we deploy our capital. It quantifies the return we earn on our adjusted invested capital. Management believes Adjusted ROIC is also a useful metric for investors and financial analysts. We compute Adjusted ROIC as outlined below. Our definition and calculation of Adjusted ROIC may not be comparable to similarly titled definitions and calculations used by other companies. The tables below reconcile adjusted net operating profit after taxes (Adjusted NOPAT) and total adjusted invested capital, which are non-GAAP financial measures, to the comparable GAAP financial measures:
	Trailing Twelve Months Ended
	December 28, 2024				December 30, 2023
Adjusted net operating profit after taxes (Adjusted NOPAT)
Operating income	$	22,872			$	22,942
Add: Operating lease interest 1		26,775				27,777
Less: Income taxes 2		(11,907	)			(11,851	)
Adjusted NOPAT	$	37,740			$	38,868
Average adjusted invested capital
Total deficit	$	(451,586	)		$	(441,928	)
Add: Long-term debt 3		546,841				539,819
Add: Operating lease liabilities 4		389,508				433,154
Total adjusted invested capital at end of period	$	484,763			$	531,045
Average adjusted invested capital 5	$	497,972			$	496,612
Adjusted ROIC 6		7.6	%			7.8	%

1	Represents the interest expense component of lease expense included in our financial statements under ASC 842, Leases.
2	Reflects annual effective income tax rates, before discrete adjustments, of 24.0% and 23.4% for December 28, 2024 and December 30, 2023, respectively.
3	Long-term debt includes existing finance lease liabilities.
4	Reflects operating lease liabilities included in our financial statements under ASC 842.
5	Average adjusted invested capital represents the average of the last five fiscal quarters' ending adjusted invested capital balances.
6	Adjusted ROIC equals Adjusted NOPAT divided by average adjusted invested capital.

Note - The Company's Adjusted ROIC calculation and data are considered non-GAAP financial measures and are not in accordance with, or preferable to, GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts.

GAAP - generally accepted accounting principles in the U.S.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250305313630/en/

Investor Contact: Dave Schwantes; (763) 551-7498; investorrelations@sleepnumber.com

Media Contact: Julie Elepano; julie.elepano@sleepnumber.com

Source: Sleep Number Corporation

FAQ

What were Sleep Number's Q4 2024 financial results?

SNBR reported Q4 net sales of $377M (down 12%), gross margin of 59.9% (up 330bp), and reduced net loss to $5M from $25M year-over-year.

How much did Sleep Number reduce operating expenses in 2024?

Sleep Number reduced operating expenses by $88M for full year 2024 (before restructuring costs).

Who is the new CEO of Sleep Number and when does she start?

Linda Findley has been appointed as Sleep Number's President and CEO, effective April 7, 2025.

What was Sleep Number's adjusted EBITDA for full year 2024?

SNBR delivered full year adjusted EBITDA of $120M with a 7.1% margin, up 40 basis points versus prior year.

How did Sleep Number's gross margin perform in 2024?

Full-year gross margin reached 59.6%, up 190 basis points from 2023, driven by product cost reductions and logistics efficiencies.