Sleep Number Corp. Files Q2 2024 10-Q
Ticker: SNBR · Form: 10-Q · Filed: 2024-08-06T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, earnings, financials, retail
TL;DR
Sleep Number's Q2 2024 10-Q is in. Check financials.
AI Summary
Sleep Number Corp. filed its 10-Q for the period ending June 29, 2024, reporting on its financial performance. The company, formerly known as Select Comfort Corp, is based in Minneapolis, MN, and operates in the household furniture sector. Key financial data and operational details for the second quarter of 2024 are presented in this filing.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of Sleep Number Corp., crucial for understanding its market position and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the household furniture sector can be sensitive to economic downturns and consumer spending.
Key Numbers
- 20240629 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20240806 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Sleep Number Corp. (company) — Filer of the 10-Q
- Select Comfort Corp (company) — Former name of Sleep Number Corp.
- Minneapolis, MN (location) — Company headquarters
- June 29, 2024 (date) — End of the reporting period
- August 6, 2024 (date) — Filing date
FAQ
What is the fiscal year end for Sleep Number Corp.?
The fiscal year end for Sleep Number Corp. is December 28.
What was the previous name of Sleep Number Corp.?
The previous name of Sleep Number Corp. was Select Comfort Corp, with a date of name change on August 21, 1998.
What is the Standard Industrial Classification (SIC) code for Sleep Number Corp.?
The SIC code for Sleep Number Corp. is 2510, categorized under HOUSEHOLD FURNITURE.
What is the SEC file number for Sleep Number Corp.?
The SEC file number for Sleep Number Corp. is 000-25121.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 29, 2024.
Filing Stats: 4,510 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-08-06 16:24:51
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share SNBR Nasdaq Global Select
Filing Documents
- snbr-20240629.htm (10-Q) — 1964KB
- a2024-q2ex311.htm (EX-31.1) — 9KB
- a2024-q2ex312.htm (EX-31.2) — 9KB
- a2024-q2ex321.htm (EX-32.1) — 5KB
- a2024-q2ex322.htm (EX-32.2) — 5KB
- snbr-20240629_g1.jpg (GRAPHIC) — 16KB
- 0000827187-24-000071.txt ( ) — 6746KB
- snbr-20240629.xsd (EX-101.SCH) — 35KB
- snbr-20240629_cal.xml (EX-101.CAL) — 62KB
- snbr-20240629_def.xml (EX-101.DEF) — 94KB
- snbr-20240629_lab.xml (EX-101.LAB) — 465KB
- snbr-20240629_pre.xml (EX-101.PRE) — 303KB
- snbr-20240629_htm.xml (XML) — 1001KB
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION 1 Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Shareholders' Deficit 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 26
: OTHER INFORMATION
PART II: OTHER INFORMATION 27 Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A.
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29
SIGNATURES
SIGNATURES 30 Table of contents i | 3Q 2023 FORM 10-Q SLEEP NUMBER CORPORATION
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS SLEEP NUMBER CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited - in thousands, except per share amounts) June 29, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 2,020 $ 2,539 Accounts receivable, net of allowances of $ 1,098 and $ 1,437 , respectively 20,272 26,859 Inventories 95,845 115,433 Prepaid expenses 21,322 16,660 Other current assets 37,925 44,637 Total current assets 177,384 206,128 Non-current assets: Property and equipment, net 153,676 179,503 Operating lease right-of-use assets 373,518 395,411 Goodwill and intangible assets, net 66,523 66,634 Deferred income taxes 25,397 20,253 Other non-current assets 87,147 82,951 Total assets $ 883,645 $ 950,880 Liabilities and Shareholders' Deficit Current liabilities: Borrowings under revolving credit facility $ 540,200 $ 539,500 Accounts payable 106,039 135,901 Customer prepayments 44,518 49,143 Accrued sales returns 20,531 22,402 Compensation and benefits 35,305 28,273 Taxes and withholding 16,563 17,134 Operating lease liabilities 80,914 81,760 Other current liabilities 56,500 61,958 Total current liabilities 900,570 936,071 Non-current liabilities: Operating lease liabilities 327,810 351,394 Other non-current liabilities 102,229 105,343 Total liabilities 1,330,609 1,392,808 Shareholders' deficit: Undesignated preferred stock; 5,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.01 par value; 142,500 shares authorized, 22,355 and 22,235 shares issued and outstanding, respectively 224 222 Additional paid-in capital 24,211 16,716 Accumulated deficit ( 471,399 ) ( 458,866 ) Total shareholders' deficit ( 446,964 ) ( 441,928 ) Total liabilities and shareholders' deficit $ 883,645 $ 950,880 See accompanyi