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Sleep Number shares getting pummeled after earnings letdown

A Sleep Number representative lays on a new Sleep Number bed at the International CES in Las Vegas.

FINANCIAL NEWS

Sleep Number shares getting pummeled after earnings letdown


Shares of Sleep Number were down as much as 19% on Thursday afternoon, a day after reporting first-quarter sales that fell short of analyst expectations.

The company’s net sales rose 10% to $426.4 million, below estimates of $427.5 million, according to data from Refinitiv. Same-sales also fell short of analysts’ expectations, rising only 5% compared with 6.2% as originally projected. And gross margin of 61.5% posted below the 61.9% estimate.

However, the mattress maker’s earnings were 80 cents per share, exceeding analysts’ forecasts of 73 cents.

Despite lackluster first-quarter sales, the Minneapolis-based company reiterated its outlook for 2019 profit of $2.25 to $2.75 per share.

The bedmaker’s stock was priced as low as $38.88 on Thursday afternoon.



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