Shares of Sleep Number Corp. fell more than 14% in the extended session Wednesday after the mattress and bedding manufacturer missed fourth-quarter expectations and said the late arrival of semiconductor parts from an undisclosed large supplier in December caused it to miss out on millions of dollars’ worth of sales. Sleep Number said it earned $11.1 million, or 47 cents a share, in the quarter, compared to $2.19 a share in the year-ago period. Sales fell 13% to $492 million, with the late arrival of chips constraining its delivered net sales by more than $125 million, or about two and half weeks of deliveries, the company said. FactSet consensus called for earnings of $1.59 a share on sales of $601 million. “The fourth quarter proved to be the most challenging as we received semiconductor components too late in December (to fulfill) our planned deliveries,” Chief Executive Shelly Ibach said in a statement. “Global electronics supplies remain constrained in the near-term,” while demand for its beds remains “strong.” Sleep Number guided for its full-year 2022 EPS to increase between 10% and 15% as compared with 2021, an outlook that assumes “continued global electronics supply constraints with the greatest impact expected in the first quarter.” Shares of Sleep Number ended the regular trading day up 3.4%.
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