: Sleep Number stock tanks more than 20% after revenue miss

Shares of Sleep Number Corp. SNBR jumped more than 20% in the extended session Thursday after the specialty retailer missed expectations for its quarterly sales and dialed down guidance for the year. Sleep Number said it earned $754 million, or 3 cents a share, in the quarter, compared with $35 million, $1.54 a share, in the year-ago quarter. Sales fell 16% to $459 million, with demand down mid-single digits. Demand improved throughout the second quarter, but it was slightly below company expectations, Sleep Number said. Analysts polled by FactSet expected a loss of a penny a share on sales of $471 million. “As we continue to navigate a challenging macro environment, our business is well positioned for growth,” Chief Executive Shelly Ibach said in a statement. The company updated its full-year 2023 EPS outlook to a range of $1.25 to $1.75, assuming sales will be down low to mid-single digits as compared with the prior year. Shares of Sleep Number ended the regular trading day down 0.7%.

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