Sleep Number (NASDAQ:SNBR) stock is falling on Friday following the release of its latest earnings report and a new CFO.
That earnings report starts with earnings per share of 3 cents. That’s better than the -1 cents per share that Wall Street was expecting for the quarter. However, EPS for the second quarter of 2022 was $1.54.
Not helping SNBR stock today is the company’s revenue of $458.79 million. That’s worse than the $471.39 million in revenue that Wall Street was expecting for the quarter. It’s also a 16% drop year-over-year.
Another negative from that earnings report is Sleep Number’s updated guidance for 2023. The company now expects EPS for the year to range from $1.25 per share to $1.75 per share. At the midpoint of $1.50 per share, it would miss Wall Street’s estimate of $1.50 per share.
SNBR Announced New CFO
To go along with that mixed earnings report, Sleep Number also announced the appointment of a new CFO. This has Francis Lee taking over as executive vice president and CFO of the company. He taking these roles from Chris Krusmark, who served as EVP and interim CFO since the start of the year.
Shelly Ibach, chairman, president, and CEO of Sleep Number, said the following about Lee joining its team.
“We’re pleased that our comprehensive search led us to Francis. His experience in operational transformation for consumer value and increased profits will be catalysts for our evolving business model and differentiated strategy as we drive long-term superior shareholder value.”
SNBR stock is down 25.4% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
