Winning numbers cash 4 life 222183/16/2024 In light of the demand trajectory change in August, the company initiated additional cost reduction actions which are expected to reduce 2024 operating expenses by approximately $50 million, and also accelerated gross margin initiatives. Adjusted ROIC of 14.9% for the trailing twelve months.Leverage ratio of 4.8x EBITDAR at the end of the third quarter versus covenant maximum of 5.0x.Net cash from operating activities of $32 million for the first nine months of the year, compared with $80 million for the same period last year.Loss per diluted share of $0.10 compared with diluted earnings per share of $0.22 last year.Operating expenses were reduced by $25 million to $266 million compared with $290 million last year.Gross margin of 57.4% was up 130 bp versus the prior year, primarily benefiting from pricing actions and easing commodity prices.Net sales decreased 13% to $473 million demand decelerated abruptly in August and September, leading to a low double-digit demand decline for the quarter versus prior year.We remain confident in our strategic direction and ability to deliver superior value creation over time.” We expect these actions and broad-based restructuring initiatives to result in a more durable operating model with improved profitability and cash flows in a range of economic environments. “In response, we acted quickly to further reduce costs, recalibrate our sales and marketing approach, and amend our credit agreement to provide additional covenant flexibility through the end of 2024. “The third quarter was challenging for Sleep Number and the bedding industry as the consumer demand trajectory changed abruptly midway through the quarter,” said Shelly Ibach, Chair, President and CEO, Sleep Number. Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended September 30, 2023. Amended and right-sized bank facility to provide additional covenant flexibility through 2024.Updated 2023 EPS outlook to a loss of up to $0.70 per share, which includes an estimated $10 million or $0.35 per share of restructuring charges to be recorded in the fourth quarter.Initiated approximately $50 million of additional operating expense reduction actions for 2024 on top of an estimated $80 million for 2023.Third quarter net sales declined 13% versus the prior year to $473 million third quarter diluted loss per share of $0.10.
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