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Dow Jones Newswires: Sleep Number stock dives after earnings report

Shares of Sleep Number Corp. were trading lower in Wednesday’s after-hours market, following the release of first-quarter financial results that came in below analysts’ estimates.

At 4:20 p.m. ET, the company’s shares were trading 8.96% lower, at $46.86 per share. The stock ended the day’s regular session with a 1.64% loss, closing at $51.57.

Year to date, the stock is down over 32%.

After the bell, Sleep Number
SNBR,
-1.64%

reported first-quarter earnings per share of 9 cents on sales of $527 million. Analysts were expecting EPS of 33 cents on sales of $534 million, according to FactSet.

In the year-ago period, the company reported EPS of $2.51 on sales of $568 million.

Sleep Number said first-quarter sales were down 7% from the year-ago period as the supply of semiconductor chips was constrained.

Shelly Ibach, the company’s president and chief executive, said, “External factors continue to disrupt global supply and weaken consumer confidence, resulting in increased business complexity and volatility.”

Sleep Number also said it expected full-year 2022 diluted EPS in a range of $5 to $6 per share.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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