Sleep Number $SNBR stock confirmed a break above its 200 day moving average on February 24, 2023, after the company reported a revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... beat but EPS miss.
On February 22, 2023, Sleep Number reported Q4 EPS of (24c) versus the consensus estimate of (22c). However, the company reported Q4 revenue of $498M versus the consensus estimate of $495.69M.
“As we navigated a series of significant macro challenges in 2022, we achieved important strategic advancements that strengthen our sleep technology leadership. These advancements will position Sleep Number to capitalize on profitable growth opportunities when the consumer environment improves,” said Shelly Ibach, Chair, President and CEO. “Consumer response to our best innovation to date – the new Climate360 smart bed – has been strong, and we are excited to introduce our next-generation smart beds beginning in the second quarter. We are seeing improved demand trends early in the year, with the consistent flow of microchips supporting normalized delivery times for our smart beds and adjustable bases. I am grateful to our Sleep Number team for their resilience and commitment to our purpose of improving the health and wellbeing of society through higher quality sleep.”
On the Q4 earnings conference call, Sleep Number said that they are experiencing early signs of improvement in business in 2023. They said that they now have adequate chip inventory and that they are starting to see more encouraging economic indicators, including improved consumer sentiment. The company believes that they are positioned for a “strong rebound” when consumer sentiment improves further.