Sleep Number shares getting pummeled after earnings letdown

Shares of Sleep Number had been down as rather a lot as 19% on Thursday afternoon, a day after reporting first-quarter product sales that fell in want of analyst expectations.

The agency’s net product sales rose 10% to $426.4 million, beneath estimates of $427.5 million, in response to data from Refinitiv. Same-sales moreover fell in want of analysts’ expectations, rising solely 5% in distinction with 6.2% as initially projected. And gross margin of 61.5% posted beneath the 61.9% estimate.

However, the mattress maker’s earnings had been 80 cents per share, exceeding analysts’ forecasts of 73 cents.

Despite lackluster first-quarter product sales, the Minneapolis-based agency reiterated its outlook for 2019 income of $2.25 to $2.75 per share.

The bedmaker’s stock was priced as little as $38.88 on Thursday afternoon.

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