Sleep Number Corporation (SNBR) Tops Q1 EPS by 7c, Revenues Beat; Reiterates FY19 EPS Mid-Point Guidance Above Consensus

Sleep Number Corporation (NASDAQ: SNBR) reported Q1 EPS of $0.80, $0.07 better than the analyst estimate of $0.73. Revenue for the quarter came in at $426.45 million versus the consensus estimate of $425.32 million.

• Net sales increased 10% to $426 million, including a 5% comparable sales gain and 5 percentage points of growth from new stores
• Gross profit rate increased 40 basis points to 61.5% of net sales compared with 61.1% for the same period last year
• Operating income increased 22% to $33 million, or 7.7% of net sales, up 80 basis points versus the prior year’s first quarter
• Earnings per diluted share increased 54% to $0.80, compared with $0.52 for the prior year

“Sleep Number 360® smart beds, which are providing our customers with life-changing sleep, drove record first quarter sales and EPS,” stated Shelly Ibach, President and CEO. “Our initiatives are extending brand reach, deepening consumer engagement and driving sustainable profitable growth.”

GUIDANCE:

Sleep Number Corporation sees FY2019 EPS of $2.25-$2.75, versus the consensus of $2.45.

• The outlook assumes 6% to 10% net sales growth for 2019 and a 25% effective income tax rate for the remainder of the year.
• The company anticipates 2019 capital expenditures to be $50 million to $60 million.

For earnings history and earnings-related data on Sleep Number Corporation (SNBR) click here.

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