SNBR - Is Sleep Number Stock Poised for a Comeback in 2023?
Mattress company Sleep Number (NASDAQ: SNBR) may have caused its shareholders some sleepless nights lately. The stock is down 61% year to date. Investors probably fear this premium brand is due for poor sales in a slowing economy -- a concern that's not totally unfounded.
However, ups and downs are normal for this company and I believe the stock is poised for a rebound in 2023. Here's why now is a great time to give Sleep Number a look if you haven't already.
Investing in mattress companies is tricky because their sales tend to rise and fall with the health of the economy -- after all, mattresses are large but infrequent purchases that can be held off when household budgets tighten. And the cycle looks like it's trending downward right now. Sleep Number's net sales in 2022's third quarter were down 16% year over year. By comparison, in the same quarter last year, its sales jumped 21% to a record high.
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Is Sleep Number Stock Poised for a Comeback in 2023?