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Sleep Number Corp (SNBR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 29, 2019

Sleep Number Corp

CIK: 827187 Ticker: SNBR

Exhibit 99.1

FOR IMMEDIATE RELEASE

Sleep Number Announces RECORD Second Quarter 2019 Results and RAISES midpoint of EARNINGS Outlook

Second quarter net sales grew 13%, with an 8% comp and diluted EPS growth of 40%

Year-to-date net sales increased 11%, operating income grew 38% and diluted EPS was up 48%

Generated a 141% increase in operating cash flows year-to-date

Raises midpoint of 2019 earnings outlook to $2.55 per diluted share

 

MINNEAPOLIS – (July 25, 2019) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the second quarter and year-to-date period ended June 29, 2019.

 

“Consumer response to Sleep Number’s 360® smart beds has driven double-digit demand growth for four consecutive quarters, including performance at the high end of our expectations in the second quarter,” stated Shelly Ibach, President and CEO. “The power of our purpose-driven brand and operational excellence are delivering strong results across our business.”

 

Second Quarter Overview

Net sales increased 13% to $356 million, including an 8% comparable sales gain and 5 percentage points of growth from new stores

 

Gross profit rate increased 130 basis points to 61.0% of net sales compared with 59.7% for the same period last year

Operating income increased to $7 million compared with $2 million for the prior year’s second quarter

 

Earnings per diluted share increased 40% to $0.14, compared with $0.10 for the prior year; discrete tax items benefited current year second quarter EPS by four cents and the prior year by eight cents

 

Cash Flows and Liquidity Review

Generated $70 million in net cash from operating activities, invested $34 million in capital expenditures and returned $81 million to shareholders through share repurchases during the first six months of 2019

 

Continue to expect 2019 full-year share repurchases of $125 million to $145 million

 

Ended the second quarter with a leverage ratio of 3.0x EBITDAR; continue to operate with a targeted range of 2.5x to 3.0x EBITDAR with seasonal fluctuations expected

 

Return on invested capital increased 250 basis points year-over-year to 16.8% for the trailing twelve month period

 

 

Financial Outlook

The company updated its outlook for 2019 earnings per diluted share to a range of $2.35 to $2.75, compared to the previous range of $2.25 to $2.75. The outlook for the second half of 2019 includes mid- to high-single digit net sales growth and a 25% effective income tax rate. The company anticipates 2019 full-year capital expenditures to be $50 million to $60 million.

 

Conference Call Information

Management will host its regularly scheduled conference call to discuss the company’s results at 5 p.m. EDT (4 p.m. CDT; 2 p.m. PDT) today. To listen to the call, please dial 800-593-9959 (international participants dial 517-308-9340) and reference the passcode “Sleep.” To access the webcast, please visit the investor relations area of the Sleep Number website at http://www.sleepnumber.com/eng/aboutus/InvestorRelations.cfm. The webcast replay will remain available for approximately 60 days.

 


 


The following information was filed by Sleep Number Corp (SNBR) on Thursday, July 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders' (Deficit) Equity (Unaudited)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Policies)
Business And Summary Of Significant Accounting Policies - New Accounting Pronouncements - Additional Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies Warranty Liabilities (Details)
Credit Agreement
Credit Agreement (Tables)
Credit Agreement - Additional Information (Details)
Credit Agreement - Schedule Of Borrowings Under Credit Facility (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net - Additional Information 1 (Details)
Goodwill And Intangible Assets, Net - Additional Information 2 (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities And Aggregate Future Commitments Under Operating Leases (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities And Aggregate Future Commitments Under Operating Leases (Parenthetical) (Details)
Leases - Schedule Of Operating Lease Costs (Details)
Leases - Schedule Of Other Information Related Operating Leases (Details)
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share - Components Of Basic And Diluted Net Income Per Share (Details)
Profit Sharing And 401(K) Plan
Profit Sharing And 401(K) Plan - Additional Information (Details)
Repurchases Of Common Stock
Repurchases Of Common Stock (Tables)
Repurchases Of Common Stock - Additional Information (Details)
Repurchases Of Common Stock - Schedule Of Repurchase Of Common Stock (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Schedule Of Deferred Contract Assets And Deferred Contract Liabilities (Details)
Revenue Recognition - Schedule Of Sales Return Liability (Details)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Tables)
Stock-Based Compensation Expense - Schedule Of Stock-Based Compensation Expense (Details)

Material Contracts, Statements, Certifications & more

Sleep Number Corp provided additional information to their SEC Filing as exhibits

Ticker: SNBR
CIK: 827187
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-029399
Submitted to the SEC: Tue Aug 06 2019 4:32:24 PM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Saturday, June 29, 2019
Industry: Household Furniture

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