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Mattress Maker Sleep Number Sinks On Drop in Sales

Published 07/16/2020, 11:19 AM
Updated 07/16/2020, 12:04 PM
© Reuters.
SNBR
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By Christiana Sciaudone

Investing.com -- Mattress Maker Sleep Number (NASDAQ:SNBR) dropped 9% Thursday after reporting weak second quarter results.

Net sales dropped 20%, to $285 million, from a year earlier, and gross profit of 57% compared to 61% earlier.

The company did reduce operating expenses by 17%, or $35 million, versus the prior year, but the net loss per diluted share was 45 cents compared to net income per diluted share of 14 cents.

Shares have tripled since hitting a 2020 low in March, and traded around $49 at midday Thursday. Sleep Number has two buy ratings, three holds and two sell-equivalents, according to MarketWatch, with an average price target of $40.80.

Wedbush bumped its price target to $52 from $30, MarketWatch reported.

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