Sleep Number Corporation announced the appointment of Linda Findley as its new President and Chief Executive Officer, effective April 7, 2025. Findley, who previously led a turnaround at Blue Apron and accelerated sales growth at Etsy, will succeed Shelly Ibach. Phillip M. Eyler was unanimously appointed as independent Board Chair, effective after the 2025 Annual Meeting.
For the fourth quarter ended December 28, 2024, Sleep Number reported net sales of $376.8 million, a 12.2% decrease year-over-year, missing analyst estimates. However, the company posted a net loss of $(4.7) million, or $(0.21) per share, which was better than analyst expectations. The gross profit rate improved to 59.9% from 56.6% in the prior year.
For the full year 2024, net sales were $1.68 billion, an 11% decline from 2023, resulting in a net loss of $(20.3) million, or $(0.90) per share. Despite the sales decline, the company generated positive free cash flow of $3.6 million for the full year. Sleep Number also announced an amendment to its revolving credit facility to provide greater financial flexibility through 2025, but withheld 2025 financial outlook due to the leadership transition.
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