Sleep Number Corporation reported a net loss of $3.1 million, or $0.14 per share, for its third quarter ended September 28, 2024. Net sales for the quarter decreased by 9.7% year-over-year to $426.6 million, falling short of market expectations.
Despite the revenue decline, the company demonstrated operational resilience with a gross profit margin of 60.8% for the quarter, indicating an improvement in profitability after production costs. However, CEO Shelly Ibach noted that expected sequential improvement in sales did not materialize.
Concurrently, Sleep Number announced that Shelly Ibach plans to retire as Chair, President, and Chief Executive Officer no later than the 2025 Annual Meeting of Shareholders. The Board of Directors has engaged an independent executive search firm to identify her successor, with Ibach continuing to serve during the transition period.
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