Our millions of Smart Sleepers SM benefit from their smart bed changing with them, over time it is unique, like they are. This means only Sleep Number can provide a dynamic, adjustable and adaptive sleep experience that effortlessly responds to the needs of each sleeper. Our proprietary smart beds combine the physical and digital worlds, integrating exceptional sleep with a highly advanced digital technology platform. Over 14.5 million people have had their lives improved by our award-winning sleep innovations and are experiencing the physical, mental and emotional benefits of life-changing sleep performance. Sleep Number is a wellness technology company. The webcast replay will remain available for approximately 60 days. To access the webcast, please visit the investor relations area of the Sleep Number website at. Management will host its regularly scheduled conference call to discuss the company’s results at 5 p.m. The company anticipates 2023 capital expenditures of $50 million to $60 million and is planning no share repurchases under our Board-approved share repurchase program during the year. The company expects to generate more than $100 million of operating cash flow for the year and positive free cash flows. The 2023 outlook assumes net sales are flat to down mid-single digits versus the prior year and gross margin improves by more than 150 basis points versus 2022. The company reiterates its outlook for 2023 diluted EPS of $1.25 to $2.00. Leverage ratio of 4.0x EBITDAR at the end of the first quarter versus covenant maximum of 5.0xĪdjusted Return on Invested Capital (ROIC) of 20.4% for the trailing twelve months Generated $19 million in net cash from operating activities in the first quarter, compared with $25 million for the same period last year Diluted EPS of $0.51 compared with $0.09 last year.Operating income of $26 million represented a $22 million increase versus the prior year, including an $8 million gross profit increase and a $14 million reduction in operating expenses year-over-year.Gross margin increased 160 bp to 58.9% of net sales, including the benefit of pricing actions, improvement in commodity prices and operating efficiencies resulting from a steady flow of microchips. Net sales of $527 million were consistent with the prior year, including a 2% comparable sales decline, offset by two percentage points of growth from new stores.These ads inspire consumers to unlock their full potential through our smart bed’s life-changing, individualized sleep benefits.” “Beginning in the second quarter we are executing a sequence of new integrated demand drivers, including our next generation Sleep Number smart beds, lifestyle furniture, and “Sleep Next Level” brand campaign. After nearly two years of supply disruption, the consistent flow of microchips has enabled us to return to more efficient operations,” said Shelly Ibach, Chair, President and CEO. “First quarter performance was consistent with our expectations, reflecting our team’s strong execution in a challenged macro environment with historically low consumer sentiment pressuring demand. Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended April 1, 2023. Reiterates full-year 2023 earnings outlook of $1.25 to $2.00 per diluted share.Diluted EPS of $0.51 versus $0.09 last year.Net operating profit increased to $26 million, up $22 million versus the prior year, including a 160 basis point (bp) gross profit rate improvement year-over-year.Net sales of $527 million were consistent with the prior year.
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