RESULTS
Net income
$66.6 million
Net sales
$568 million
Earnings per diluted share
$2.51
During its first fiscal quarter of 2021, Sleep Number Inc. reported its net income jumped 70% to $66.6 million, on net sales of $568 million (up 20%), compared with the first quarter of fiscal 2020.
First-quarter demand grew more than 30% year-over-year, but more than $50 million (two weeks) of deliveries were shifted out of the quarter due to foam supply chain constraints.
Quarterly earnings of $2.51 per diluted share beat the Zacks Consensus Estimate of $1.79 per share and set a new EPS quarterly record for the company.
“Guided by our purpose to improve the health and well-being of society through higher-quality sleep, Sleep Number is broadening our brand relevance and driving significant performance acceleration,” said Shelly Ibach, president and chief executive officer of the Minneapolis-based company. “Our first-quarter demand growth of greater than 30% demonstrates consumers’ enthusiastic response to our sleep science-based innovations, digital solutions and authentic mission-driven culture. Sleep Number is improving millions of lives through better quality sleep, while delivering exceptional value for all stakeholders.”
The company raised its 2021 earnings per diluted share outlook to at least $6.50, which is more than 40% greater than its 2020 full-year results.
