Sleep Number plunges after halving profit outlook

Sleep Number

27/10/2022 13:41

** Shares of bed maker Sleep Number Corp  SNBR.O  sink 26.3%
to $27 - set to open at its lowest level since April 2020
    ** Co cuts full-year EPS forecast to $1.50-$2, from $3-$4,
blaming chip shortage and fall in demand 
    ** Reports 16% drop in Q3 revenue to $541 mln; Says
"consumer sentiment remains at historically low levels"
 urn:newsml:reuters.com:*:nBw5WP57Fa
    ** Piper Sandler says demand trends worsening in Q3 were
specific to SNBR and does not reflect the broader industry
    ** Brokerage cuts PT by $10 to $26; Wedbush also cuts PT to
$27 from $33
    ** Upto Wednesday's close, SNBR has lost over half its value
this year
 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))