It's very possible that investors in Sleep Number (SNBR 2.46%) will do a little tossing and turning in the dozing hours tonight. The company's stock fell by 1.9% Thursday, on a day when the S&P 500 index enjoyed a 1.5% gain. The immediate reason was Sleep Number's latest quarterly numbers.
After market hours on Wednesday, Sleep Number published the results of its fourth quarter and full-year 2021. Across the quarter, net sales fell by 13% on a year-over-year basis to $492 million. This despite demand for the company's products that, in its words, "increased high-single digits" in terms of percentage.
Were it not for a late delivery in December of semiconductors helping to power its products, Sleep Number said, it would have added $125 million to that tally.
As for profitability, it inched up by more than 2% to $11.1 million, or $0.47 per diluted share according to generally accepted accounting principles.
Neither headline figure came close to reaching the average analyst estimate. Collectively, professionals tracking the stock were expecting over $601 million on the top line, and $1.59 per share for net profit.
In the earnings release, Sleep Number maintained that its business continues to be robust despite those supply chain difficulties. "Global electronics supplies remain constrained in the near-term, while demand for our 360 smart beds remains strong," the company quoted CEO Shelly Ibach as saying.
Backing up those bullish words, Sleep Number proffered full-year guidance in which it forecast 10% to 15% annual growth in per-share earnings for 2022. This takes into account continuing shortages of the necessary electronics components. The company did not provide revenue guidance.