Sleep Number’s ‘Drastic Miss’ Resulted in Drastic Marketing Measures

null By Megan GrahamNov. 10, 2023 6:00 am ETBed and mattress brand Sleep Number recalibrated its sales and marketing strategy after being surprised by a drop in consumer demand. Photo: Sleep NumberBed and mattress brand Sleep Number said it retooled its marketing approach to emphasize affordability and competitive value after a startling slip in consumer demand contributed to a 13% year-over-year net sales drop and an earnings miss. The company, which reported third-quarter earnings on Tuesday, said though the broader bedding industry has been operating at recessionary levels for two years, it was still surprised to see that demand “abruptly changed” in August and September as consumer purchasing power declined. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continue reading your article witha WSJ subscriptionSubscribe NowAlready a subscriber? Sign InSponsored OffersAT&T: Get the iPhone 15 Pro with titanium with up to $1,500 discount*Wa