Sleep Number, the maker of adjustable smart beds, reported Q1 earnings that far exceeded stockholder expectations amidst an ongoing pandemic. Shares increased by more than 12% after the company released that its net sales were up 11% to $472.6 million in the first quarter. It was initially predicted that Sleep Number's earnings would fall in Q1; however, they actually increased by 70% over the past year.
Sleep Number remains committed to innovation, with 15 published patent applications since the beginning of 2019 in the mattress and environmental control sectors. Furloughs and store closings during the coronavirus outbreak will likely impact sales in the near future, but Sleep Number's strong patent holdings may help assure longevity and shareholder confidence after an unexpectedly strong first quarter showing.
