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What Caused The SNBR Stock To Drop In Afterhours Session?

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The stock price of Sleep Number Corporation (SNBR) dropped 10.91% in after-hours trading Tuesday at $99.99. At the close of a regular trading session, SNBR shares had gained 5.42% to conclude at $112.24. SNBR stock price ranged was between $106.64 and $113.38.

A total of 1.02 million shares were traded for SNBR, which was above the daily average of 0.49 million shares over 100 days. Last month, SNBR shares gained 10.70%, while they gained 0.36% in the last five days. Following the release of its quarterly results, SNBR stock declined.

How did SNBR perform last quarter?

In Sleep Number, individuality is a guiding principle. The SNBR team comprises over 5,000 highly motivated individuals, each of whom is dedicated to improving lives by enhancing the sleep experience through personalization. By enhancing the quality of sleep, SNBR is improving the lives of over 13 million people and contributing to society’s wellbeing.

A science-based approach to design is behind SNBR’s award-winning 360 smart beds. Through the accumulation of nearly 11 billion hours of near-perfect, real-world sleep data, they learn from over a billion sleep sessions to provide effortless comfort and excellent sleep to every sleeper. SleepIQ scores, 24/7 sleep health reports, and other sleep health insights are all part of the 360 smart bed by SNBR and contribute to the advancement of sleep health solutions.

Results for the quarter ended July 3 were reported by Sleep Number Corporation yesterday.

Financial Highlights:

  • SNBR’s net sales were up 39% year-to-date versus last year to $1.05 billion and 35% versus the first half of this 2019.
  • Sales per SNBR store were over $3.5 million over the trailing twelve months (ttm) as supply constraints limited deliveries during the second quarter.
  • SNBR’s gross profit increased by 39% year-to-date to $649 million, or 61.6% of net sales, in comparison to the 61.4% profit in 2020 and 61.3% profit in 2019.
  • Year to date, SNBR has posted an operating income of $106 million, an increase of 161% which was 10.1% of sales; this is an increase of 5.4% from 2020 and 5.1% from 2019.
  • With the year-to-date earnings per diluted share increasing 270%, SNBR’s earnings per share recorded a record $3.44, compared with $0.93 in 2020 and $0.95 in 2019.
  • SNBR generated $161 million in net cash from operating activities for the first half of 2021, up 86% from last year and 129% higher than in the first half of 2019.
  • During the first six months of 2021, the company spent $32 million on capital expenditures and invested $267 million in SNBR stock.
  • At the end of the second quarter, SNBR’s leverage ratio was 2.2x EBITDAR, down from 2.8x a year prior, and below its longer-term target of 2.5x-3.0x.
  • The return on invested capital (ROIC) at SNBR increased by 17.2% for the comparable period to more than 33% for the ttm period.

Financial Outlook by SNBR:

Sleep Number (SNBR) raised its earnings per diluted share outlook for 2021 to at least $7.25, which represents a 58% increase over 2020. For the remainder of the year, SNBR anticipates that the effective income tax rate will be 25%. In 2021, SNBR intends to generate more than $300 million in operating cash flow with roughly $75 million in capital expenditures.

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