Exhibit 99.1 FOR IMMEDIATE RELEASE SLEEP NUMBER ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS MINNEAPOLIS – (February 22, 2024) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the year ended December 30, 2023. "While the consumer environment remains challenging for the mattress industry, our swift actions to improve demand and reduce costs allowed us to make better progress in the fourth quarter than we expected," said Shelly Ibach, Chair, President and CEO. "Through broad-based r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-25121 _______________________________________________________________________ SLEEP NUMBER CORPORATION (Exact name of registrant as specified in its charter) ...

Sleep Number Corporation (NASDAQ:SNBR) Q3 2023 Results Conference Call November 7, 2023 5:00 PM ET Company Participants Dave Schwantes - VP, Finance and IR Shelly Ibach - Chair, President and CEO Francis Lee - CFO Conference Call Participants Bobby Griffin - Raymond James Peter Keith - Piper Sandler Brad Thomas - KeyBanc Capital Markets Atul Maheswari - UBS Operator Thank you. Welcome to Sleep Number’s Q3 2023 Earnings Conference Call. All lines have been placed in a listen-only mode until the question-and- ...

Financial Data and Key Metrics Changes - The company reported net sales of $459 million for Q2 2023, which is 16% lower than the previous year, with demand down mid-single digits [56][61] - The gross profit rate for Q2 was 57.6%, consistent with expectations, and the year-to-date gross margin rate was 58.3%, up nearly 300 basis points from the second half of the previous year [6][62] - Earnings per share (EPS) for the quarter were $0.03, a significant decline from $1.54 in the same quarter last year [12][61] - The company expects full-year EPS to be in the range of $1.25 to $1.75, narrowing the previous guidance by $0.25 [63][59] Business Line Data and Key Metrics Changes - The introduction of next-generation Smart Beds, including the Climate360 model, is expected to drive demand and improve margins [7][57] - The average revenue per unit (ARU) for Smart Beds was just under $6,000, with expectations for ARU to be around $5,900 in Q3 and approximately $6,000 in Q4 [86][112] - The company delivered nearly 77,000 Smart Bed units in Q2, leveraging its fulfillment network to manage backlog [86] Market Data and Key Metrics Changes - Year-over-year demand trends improved, with combined May and June demand down low single digits, indicating a recovery from previous lows [6][9] - The mattress industry overall has been operating under recessionary spend levels for six consecutive quarters, with industry unit levels 14% below 2019 [6][56] Company Strategy and Development Direction - The company is focused on expanding gross margin rates with a goal to return to 60% within a year and 62% over the next couple of years [60] - Strategic initiatives include increasing the mix of higher-margin products, leveraging retail and fulfillment networks, and addressing commodity cost pressures [60][64] - The company aims to take market share through brand building, innovation, and connected smart sleepers [81] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment is improving, and brand indicators are strong, despite the challenging economic environment [59][68] - The company expects continued demand improvements, with mid-single to low double-digit growth anticipated in the back half of the year [81][90] - Management expressed confidence in the new product line's performance and its ability to drive demand during key selling periods [35][68] Other Important Information - The company has made adjustments to its financing strategy to mitigate increased costs associated with higher interest rates [13][117] - The company ended the quarter with $334 million of liquidity and a leverage ratio of 4.7x EBITDA, below the amended 5x covenant [63] Q&A Session Summary Question: What are the expectations for demand in the third quarter? - Management indicated expectations for demand to be up mid- to high single digits, with positive trends observed since the start of the year [18][93] Question: How has the financing strategy been impacted by changes in approval rates? - Management confirmed that adjustments to financing plans have been effective, with no significant negative impact on approval rates or sales conversion [22][117] Question: What is the expected impact of the new product line on sales? - Management reported strong performance from the new models, with positive consumer reactions and expectations for improved sales mix [24][35] Question: How are promotional strategies being adjusted for the Labor Day event? - Management expressed confidence in their promotional strategy, noting that they have learned from past experiences and are prepared for the upcoming selling period [129][68] Question: What are the expectations for gross margin in the back half of the year? - Management expects gross margin rates to be approximately 58% in Q3, with expectations to approach 60% in Q4 as margin initiatives mature [90][104]

Got it. That makes sense. And Shelly, as my follow-up, to the extent demand just weakened more than what you'd expect. How much more room do you have to cut costs given that you've already managed cost pretty tightly? Like what are the key areas that you could target in a slower-demand environment? And at what point does it become very hard to cut costs without jeopardizing future revenues? Shelly Ibach Well, we are operating with a very thorough risk management processes and mitigants. We're very clear on ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 000-25121 SLEEP NUMBER CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1597886 (State or ...

Sleep Number Corporation (NASDAQ:SNBR) Q4 2022 Results Conference Call February 22, 2023 5:00 PM ET Company Participants Dave Schwantes - Vice President-Finance and Investor Relations Shelly Ibach - Chair, President and Chief Executive Officer Chris Krusmark - CFO and Chief Human Resources Officer Conference Call Participants Bobby Griffin - Raymond James Peter Keith - Piper Sandler Brad Thomas - KeyBanc Capital Markets Seth Basham - Wedbush Securities Atul Maheswari - UBS Operator Good day everyone. Welcom ...

Sleep Number Corporation (NASDAQ:SNBR) Q3 2022 Earnings Conference Call October 26, 2022 5:00 PM ET Company Participants Dave Schwantes – Vice President-Finance and Investor Relations Shelly Ibach – Chair, President and Chief Executive Officer David Callen – Chief Financial Officer Conference Call Participants Brad Thomas – KeyBanc Capital Markets Matt Egger – Piper Sandler Bobby Griffin – Raymond James Seth Basham – Wedbush Securities Michael Lasser – UBS Operator Welcome to Sleep NumberÂ's Quarter Three 2 ...

Sleep Number Corporation (NASDAQ:SNBR) Q2 2022 Earnings Conference Call July 27, 2022 5:00 PM ET Company Participants David Schwantes - Vice President of Finance and Investor Relations Shelly Ibach - President and CEO David Callen - EVP and CFO Conference Call Participants Bobby Griffin - Raymond James Peter Keith - Piper Sandler Seth Basham - Wedbush Securities Bradley Thomas - KeyBanc Capital Markets Atul Maheswari - UBS Operator Welcome to Sleep Number's Q2 2022 Earnings Conference Call. All lines have b ...

Sleep Number Corporation (NASDAQ:SNBR) Q1 2022 Earnings Conference Call April 20, 2022 5:00 PM ET Company Participants David Schwantes - VP of Finance, Investor Relations and Decision Support Shelly Ibach - President and CEO David Callen - EVP and CFO Conference Call Participants Peter Keith - Piper Sandler & Co. Robert Griffin - Raymond James & Associates, Inc. Matthew McCartney - Wedbush Securities Inc. Atul Maheswari - UBS Bradley Thomas - KeyBanc Capital Markets Curtis Nagle - Bank of America Merrill Ly ...