Sleep Number stock falls postmarket on weak results, guidance cut

Sleep Number (NASDAQ:SNBR) stock slipped 6% postmarket on Wednesday after the mattress firm posted disappointing Q1 results and slashed its 2022 EPS guidance.
Q1 GAAP EPS was $0.09 vs. $2.51 in Q1 2021 due to lower-than-expected delivered net sales.
Net sales in Q1 fell 7.2% to $527.1M, hurt by constrained supply of semiconductor chips.
Demand for Q1 declined 3%, hurt by the Omicron COVID-19 variant in Jan. and the Ukraine war in late Feb.
Excess backlog at Q1-end increased to over $200M.
SNBR cut its 2022 EPS outlook to $5-6 vs. consensus estimate of $5.77. SNBR's prior guidance was $6.78-7.08.
The reduced outlook assumes low double-digit 2022 net sales growth on flat to low single-digit demand growth the rest of the year, while servicing excess backlog.
"External factors continue to disrupt global supply and weaken consumer confidence, resulting in increased business complexity and volatility," said CEO Shelly Ibach.
SNBR expects to generate ~$200M of cash from operations and projects 2022 capex of $70M-80M.
Post-earnings conference call at at 5 pm ET.
SNBR stock has declined 34% YTD.
Last month, SNBR stock hit a near 18-month low after Wedbush cut its rating to Neutral.