Sleep Number stock reverses higher after 2022 revenue outlook updated, and CFO resigns

Share of Sleep Number Corp.
SNBR,
+3.11%
rallied 3.4% in afternoon trading Friday, reversing an earlier intraday loss of as much as 11.8%, after the bed and mattress maker provided a downbeat 2022 profit outlook but updated its revenue outlook to be in line with expectations. The company also said its chief financial officer was stepping down after nearly 9 years in the role. Sleep Number said its expects to report 2022 earnings per share of $1.60, which is below the current FactSet consensus of $1.71, while the updated sales guidance was $2.11 billion matched the FactSet consensus of $2.11 billion. The company said it will release actual results on Feb. 22, after the market close. Separately, the company said CFO David Callen will step down effective Jan. 30, to pursue other opportunities, after being in that role since April 2014. The company named Chief Human Resources Officer Chris Krusmark was named interim CFO until a permanent replacement is found. The stock has soared 26.5% in January but has plunged 53.4% over the past 12 months, while the S&P 500
SPX,
+0.25%
has gained 6.2% this year and slipped 5.7% over the past year.