Sleep Number reports Q1 EPS (33c), consensus (22c)

Reports Q1 revenue $470.4M, consensus $474.3M. Reports Q1 adjusted EBITDA $37M vs. $49M last year. “Our actions to increase operating model efficiencies drove first quarter adjusted EBITDA and gross margin rate ahead of our expectations. We also generated a significant year-over-year increase in free cash flow, as planned, and continue to prioritize paying down debt and reducing leverage,” said Shelly Ibach, CEO. “As we build a more durable operating model and as demand for our category improves from recessionary levels, we expect to capitalize on our significant opportunity as a sleep wellness technology company.”