Sleep Number Cuts Corporate Management Roles by 21%
Sleep Number Corp. last week announced that it has cut corporate management roles by 21% and aims to continue trimming expenses by about $80 million to $100 million.
The news came as the Minneapolis-based mattress maker reported a loss on net sales of $393 million in the first quarter. That marked a 16% year-over-year decrease in sales, according to the company.
This change comes from newly appointed CEO Linda Findley, a former Blue Apron executive who’s had experience in “organizational transformation.”
“We are laser focused on delivering strong returns for shareholders and are taking a different approach to the Sleep Number business,” Findley said in an April 30 news release. “I see a way to run our business on a lower cost basis without compromising our topline.”
The new CEO has shaken up Sleep Number in the month she’s been in her position by “reshaping key functions” such as marketing and research and development, she said.
Since joining Sleep Number, Findley noted she has reduced second quarter operating expenses by about 10%.
The company’s first quarter earnings report showed a net loss of $8.6 million compared to a net loss of $7.5 million for the same period last year.
Sleep Number also opened two stores in the first quarter of 2025 and six in the same quarter last year. The company also closed five stores in its first quarter this year. At the end of the most recent quarter, the company had 637 stores in total.
Looking at the 2024 full year results, net sales decreased 11% from the year before, and there was a net loss of $20 million versus a net loss of $15 million in 2023.
Sleep Number has faced pressure from shareholders to improve financial performance the past couple years, but Findley said she has confidence in the changes she’s implementing.
“We are fundamentally changing how we operate,” Findley said in the Wednesday release.
