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Sleep Number Stock Tanks on Surprise Loss and Weak Industry Demand

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Chief Executive Shelly Ibach says the bedding industry has been operating at recessionary levels for two years.

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.

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