Sleep Number Stock Tanks on Surprise Loss and Weak Industry Demand

Sleep Number’s latest financial results were a nightmare, causing shares of the mattress maker to sink Wednesday.

“We estimate that industry demand was down double digits in the quarter,” Ibach said, adding that overall industry mattress sales are down nearly 20% from prepandemic levels. On a 12-month trailing basis, mattress unit sales are under 25 million units, the lowest level since 2015, the CEO noted. Such lackluster demand was evident in the company’s third-quarter results. After Tuesday’s market close, Sleep Number reported a surprise loss of 10 cents a share, when analysts surveyed by FactSet were expecting earnings of 6 cents a share for the period. In the same quarter last year, Sleep Number earned 22 cents a share.Ibach said on the call that customers’ purchasing power has reached its lowest level on record.

इंडिया ताज़ा खबर, इंडिया मुख्य बातें

Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।

Sleep Number’s stock falls 30% as company saw demand change ‘abruptly’Sleep Number also lowers its guidance for the year, calls for layoffs and store closures
स्रोत: MarketWatch - 🏆 3. / 97 और पढो »

Sleep Number’s stock falls 25% as company saw demand change ‘abruptly’Sleep Number also lowers its guidance for the year, calls for layoffs and store closures
स्रोत: MarketWatch - 🏆 3. / 97 और पढो »

Fisker Stock Tanks After the EV Start-Up Delays Earnings ReportInstead of reporting third-quarter results Wednesday, the company pushed the announcement to Monday, Nov. 13. Investors didn't like that decision.
स्रोत: MarketWatch - 🏆 3. / 97 और पढो »

Rivian, Robinhood, Upstart, Toast, Array, Kyndryl, Sleep Number, and More Market MoversRivian raises production guidance, Robinhood's third-quarter revenue misses analysts' expectations, and Upstart posts a wider-than-expected quarterly loss.
स्रोत: MarketWatch - 🏆 3. / 97 और पढो »