Sleep Number Corporation (NASDAQ: SNBR) reported Q1 EPS of $0.03, $0.40 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $470.45 million versus the consensus estimate of $481.83 million.

Financial Outlook

The company reiterates its outlook for 2024 adjusted EBITDA of $125 million to $145 million. We continue to expect a mid-single digit net sales decline for the year on a low-single digit demand decline. The company expects approximately 100 basis points of gross margin rate improvement and $14 million of restructuring charges for the year. The company expects to generate $60 million to $80 million of free cash flow with capital expenditures of $30 million.

For earnings history and earnings-related data on Sleep Number Corporation (SNBR) click here.