SNBR - Here's Why Sleep Number Stock Surged Today
Shares of mattress company Sleep Number (NASDAQ: SNBR) surged on Thursday, after the company's financial results for the second quarter of 2022 beat analysts' expectations. As of 11:15 a.m. ET today, Sleep Number stock was up 13%.
For the second quarter, Sleep Number generated net sales of $549 million, up 13% year over year. For perspective, this wasn't an easy feat considering net sales were up 70% year over year in the same quarter last year. And with higher sales came higher profitability. Second-quarter diluted earnings per share (EPS) of $1.54 were up a whopping 75% from last year.
It appears that investors were happy to see Sleep Number surpass expectations even though there's a headwind blowing in the second half of 2022.
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Here's Why Sleep Number Stock Surged Today