SNBR - Why Sleep Number Stock Looks Tired This Week
The beds may be comfortable, but shareholders aren't feeling very rested right now as Sleep Number (NASDAQ: SNBR) shares are down double-digits for the week. As of Thursday afternoon, shares were 10.1% below last Friday's closing price. The story for the stock this week is Sleep Number's earnings report, which was released Tuesday evening. Shares dropped 13% the day after the financial update.
Sleep Number reported second-quarter net sales growth of 70% versus the pandemic-impacted 2020 Q2. But the quarterly sales results were also significantly higher than the comparable 2019 period, and year-to-date net sales are also 35% above the first half of 2019. The strong results prompted Sleep Number management to raise full-year 2021 earnings per share guidance to at least $7.25 versus the previous outlook of at least $6.50.
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Why Sleep Number Stock Looks Tired This Week