During its fourth fiscal quarter of 2020, Sleep Number reported its net income jumped 155%, to $61.4 million, on net sales of $568 million (up 29%), compared with the fourth quarter of 2019. Earnings per diluted share beat Wall Street estimates, coming in at $2.19 for the quarter.
RESULTS
4th Quarter
Net income
$61.4million
Net sales
$568million
Earnings per diluted share
$2.19
Full Year
Net income
$139.2 million
Net sales
$1.86 billion
Earnings per diluted share
$4.90
Store count
602
According to TheStreet.com: “A survey of analysts by FactSet produced consensus estimates of GAAP (generally accepted accounting principles) earnings of (just) $1.48 a share, or an adjusted $1.51, on revenue of $555.1 million.”
For the full year, the Minneapolis-based airbed maker saw a heady 79% income increase to $139.2 million, on annual sales of $1.86 billion (9% increase). Full-year diluted earnings per share grew 81% versus the prior year to $4.90.
“In a year of challenge and change, our mission-driven team delivered exceptional results by leveraging the power of vertical integration, digitization and focusing on what matters most to our stakeholders,” said Shelly Ibach, president and chief executive officer. “With strong momentum in the first quarter and ongoing investments in sleep science-based innovations and digital technologies, we are well-positioned to generate sustainable profitable growth for years to come.”
The company expects to generate full-year 2021 earnings per diluted share of at least $6, which is approximately 30% higher than 2020 full-year results.
The company ended fiscal 2020 with 602 stores, nine fewer than in 2019.
