Sleep Number backs FY24 sales and adjusted EBITDA guidance

The company “reiterates its outlook for 2024 adjusted EBITDA of $125M to $145M. We continue to expect a mid-single digit net sales decline for the year on a low-single digit demand decline. The company expects approximately 100 basis points of gross margin rate improvement and $14M of restructuring charges for the year. The company expects to generate $60M to $80M of free cash flow with capital expenditures of $30M.”