SNBR - Sleep Number beats Q4 top and bottom line estimates

• Sleep Number press release ( NASDAQ: SNBR ): Q4 GAAP EPS of $0.24 beats by $0.49 .
• Revenue of $498M (+1.2% Y/Y) beats by $2.25M .
• Generated $36 million of operating cash flows for the year and an Adjusted ROIC of 17.6%
• Gross profit decreased 3% to $272 million, or 54.7% of net sales, compared with $280 million or 56.9% of net sales for the prior year
• Provides 2023 earnings outlook of $1.25 to $2.00 per diluted share.
• The outlook assumes gross margin rate improves by more than 150 basis points versus 2022.
• The company expects to generate over $100 million of operating cash flow for the year and positive free cash flows.
• The company anticipates 2023 capital expenditures of $50 million to $60 million and is planning no share repurchases during the year.

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