As of September 28, 2024, Sleep Number Corporation reported 22,371,000 shares of Common Stock outstanding. For the third quarter of 2024, the company experienced a decline in net sales, which totaled $426.6 million, representing a 10% decrease from $472.6 million in the same period of 2023. Despite the drop in sales, gross profit for the quarter was $259.5 million, with a gross profit margin of 60.8%, an increase from $271.1 million and a gross profit margin of 57.4% in the prior year.
Operating income for the third quarter improved to $8.4 million, up from $5.4 million in the same quarter of 2023. However, the company reported a net loss of $(3.1) million for the quarter, compared to a net loss of $(2.3) million in the same period last year. This resulted in a net loss per share of $(0.14), compared to $(0.10) for the third quarter of 2023.
For the nine months ended September 28, 2024, Sleep Number's net sales also decreased by 10%, totaling $1.3 billion, down from $1.5 billion in the same period of 2023. Gross profit for the nine-month period was $777.2 million, with a gross profit margin of 59.5%, compared to $845.6 million and a margin of 58.0% in the prior year.
The company reported net cash provided by operating activities of $50.8 million for the nine months ended September 28, 2024, an increase from $31.8 million for the same period in 2023. As of the end of the reporting period, Sleep Number had $516.5 million in outstanding borrowings under its revolving credit facility.
Additionally, the company incurred restructuring costs of $2 million during the third quarter, contributing to a total of $14.4 million in restructuring costs for the nine months ended September 28, 2024.
About Sleep Number Corp
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