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Sleep Number (SNBR)

Participants
Dave Schwantes Vice President of Finance & Investor Relations
Shelly Ibach President & Chief Executive Officer
David Callen Chief Financial Officer
Peter Keith Piper Sandler
Bobby Griffin Raymond James
Curtis Nagle Bank of America
Atul Maheswari UBS
Call transcript
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Operator

Welcome to Sleep Number's Q4 and Full Year 2020 Earnings Conference Call. [Operator Instructions] Today's call is being recorded. [Operator Instructions] I would like to introduce Dave Schwantes, Vice President of Finance and Investor Relations.

You may begin.

Dave Schwantes

Good afternoon and welcome to the Sleep Number Corporation Fourth Quarter 2020 Earnings Conference Call. us. joining for you Thank I am Relations. Finance Investor President Schwantes, Vice of and Dave With President Ibach, David Shelly me are today our Chief Officer. Callen, Financial and our and CEO; on recorded This is and our website will telephone at being be conference sleepnumber.com. available our Please release the to news refer details access the to in replay. of may call. information Please the included to reconciliation news release be measures this financial release for news refer non-GAAP and that discussed in on also a or our certain supplemental financial to is discuss results The primary call purpose ended. this fiscal the just the period of of

and However, may outlined The our I a These are to the other periodic our your in call news commentary number and turn comments. responses discussed detail filings our to in include forward-looking company's vary materially. to future XX-K SEC. results will may questions and subject now uncertainties statements. for her certain over the annual some report release forward-looking and earnings Shelly of Form actual risks in statements with on

Shelly Ibach

energy Good Sleep by benefit vital increases recovery. immunity, My boost is is beloved time SleepIQ Number emotional physical It afternoon XX and smart quarter a our earnings and sleep was life Quality our our call. changing. brand. to of improves helps restful is Number overall mental last It improving health and night. wellness beds XXX and our It and affects asleep. score Sleep health well-being. wellness. our fourth to XXXX welcome

culture individuality is than improved more Our profitable and lives team's customers result The deep and XX well-being. in relationship grounded growth. of with is million our sustainable

differentiated model. strategy financial and strategic business because and integrated vertically long-term our of delivering are We performance

is XXX%. Our current than greater total return five-year shareholder

of sales five annual growth past in and earnings per X% delivered compound EBITDA the fiscal we in XX% Over in share. XX% years, rates

than product customer growth. the consumer digital strategy more of experience. higher XXXX, combined our with At inception ago. the strategy investment was five points and is innovation core position health profitable of XXXX ROIC at our our subsequent than strategic years XX% in XX Our we This fueling

our society resulting through proven improving business year anticipated health accelerated the in have past three core trends shifts. of pandemic long and structural supports were the global Our in purpose by quality Consumer we the that sleep. well-being of

are consumers their now link better And prioritizing well-being and that and First, health between families. wellness. of the their and own understand overall they sleep strong

significantly technologies health heightened leadership our human We are by changes market have adapting share our digital in environment. consumers in are brand consumers and is are empathy. much value at science-based and positioned consumer they a and in and purchase permanent brands Second, during stakeholder digital higher past of and authentic services we preference purpose this solutions. Each behaviour. driving innovation, these sleep characterized transformed to digital relevance are brand third, a products continue increasingly and relying that investment superior shifts rate for With taking And on strategic delivering sleep the accelerators broadened year. enduring,

shock agility their manner, testament and customers courage connect crisis constant state to in digitally an in civil amid results hyper health are to while economic our of change. a record They efficient a more ways unprecedented ingenuity, global operate team, Our new a unrest. generated mission-driven and and with

XX%. the sales accelerated. for Sales double growth demand to QX integrated driving vertically performance. business continues Our than were the EPS in cash net of and strategy in year demand net $XXX $X.XX, $X.X our flywheel full growth year. demand It and model This contributed exceeded and growth sustainable quarter created consumer million, momentum operations billion for the profit fourth $X.XX digit from record XX% grew operating Full sales XX% record we XXXX, up of per net generated X%. increased our stronger and Earnings sales. Net quarter. to in of share first XX%

Our breakthrough investments, by sustainably leverage XXX competitive advantages. our revolutionary and being is beds performance which our driven smart

its transitioning fleet for XXXX, and quarters prioritize beds well-being increasingly all link to our and in has grown quality accelerated. average Since to health demand demand XX consumers XXX smart beds ago for their QX an of As recognize has smart our beds XX%. revolutionary

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Our productivity including daytime to overall heart circadian and nighttime health-related an insights individual's and variability directly advancements, link rhythm sleep quality rate well-being.

metrics Our progression retention increase engagement innovation. provides in next and highly foundation personal link which daytime sleepers, smart of quality the for SleepIQ scaling These will our relevant turn alertness. sleep to

Now billion sleep with are of than leadership data our one more we longitudinal connected sessions into hours and billion nine extending sleep health.

science our Board Oxford and Mayo Our such our with partners Number and Clinic work Scientific an is global independent collaboration as award-winning Advisory PharmaGenesis informed consultancy. other health Sleep by

products to with health the data of the increased Number of months. In eliminating new and publish proprietary Sleep adoption services, in build also digital will impact efficiently research relationships. keeping new We acquire lifelong sleep on and ecosystem customers enabling and is digital consumer our using insights our coming

and This By connected per to community, average a engagement sleeper capabilities. benefit leveraging potential to deepening advocacy learning real-time more increase revenue customer automation our scaling unit of proprietary are internal smart intelligence in continue maintaining the our and highest We strong are their while unit from led XX% life-changing media Through and amplifying experience. identifying QX, we content sleep investment. we data machine our digital relevant and consumers. quickly

widen our and provide customer-focused a ongoing chain. our adapt support in us manage Our source digital capabilities These to also more advantages compelling to supply enables advancements future help structures growth. competitive continue ecosystems a and to cost of inventory digital

go-to-market wants online sleep to customer customer with building leverages in-store how or professional our our agile Our by skills phone. shop relationships approach aligned in and

seamlessly Our financing, proprietary promotions innovations. and integrates selling media process, approach

online sales fourth X% for sales quarter the from of phone pandemic. XX% for strong the our XXX% a the gain comparable the and contribution in increased to full the Our QX the and in grew decline year, year sales despite onset

source We continue to important strengthen future it expect growth. to an our online journey and customer be of

XXXX. to eclipsed annual $X continuing market exceeded higher development in target gains. sales. one is surpassed share $X $X in profitability million well-honed Sleep Number million our store of Our strategy We stores store and market and XX each per million long-term deliver

will continue by we a our in all in we share from to market store half. integrated take touch new points As second the initiatives, driver growth, growth which advancing expect including greater be XXXX, revenue

We full growth both and revenue also expect in year. unit for units average the per

culture wish a on has the us children of and responsibility, inspired our purpose members life-changing team ill the mission-driven and and bed make gifting with quality decisions joining engaging with purpose business society sleep partnering our actions, with through XXXX, individuality, sleep well-being team, Global of support focus a critically corporate long-term heightened to are and guiding orientation. light. Improving Throughout smart informed United remains higher Nations our Compact. all to our our stakeholders with Finally, company health and of including

through stewardship corporate making we in social, provide details place, and first the by we our With growth we breakthrough quality strengthen our our efforts. initiatives to this consumer ongoing look of strong world fleet. governance future, corporate exceptional continue second another sustainability and will the continued of towards to environmental will are higher better report, we quarter and responsibility year a As in In annual demand performance. driving

For EPS than to of in double we the $X.XX. our XXXX and more full XXXX expect least to deliver $X year of of $X.XX XXXX, compared at EPS

Our digitally the mission-driven revolutionary propelled and innovation of by and by Sleep digitization growing exceptional our ecosystem connected of smart a of Number team. a leveraging distribution and direct-to-consumer results power the are lifelong and vertical, year new customer exclusive In results relevance sleep beds, delivered change, XXX leadership relationships. challenge integration, brand convergence

for customers, right communities on time. what focus difference challenging and team, this unwavering partners our in made has Our doing a is

We inherent have the lean in our continued advantages into competitive to differentiated strategy.

our customer sustainable beyond. high. growth We member generate positioned profitable and financial result, are our brand to and all team remain reputation, XXXX at a in performance and engagement As

Number quality sleep, grounded of life-changing team in devotion translates which to is individuality and Sleep our impact value. superior Our the resolute Thank our shareholder belief for to in your stakeholders. team you

You inspire day. every me

XXXX. additional on David fourth financial and Now, will for outlook provide quarter performance our details

David Callen

year Shelly. processes Exceptional digital the Faced quickly business. the philosophy COVID-XX resurgence, followed execution of embraced across company. capabilities from innovation threats serious with the you, the pandemic by our was an most demand and of streamlined that in explosive our pervades Thank team outcome

drivers performance was digitally or more upside disciplined increases in making four line our growth well-being. of The the Sleep an investment and of top performance overnight times added top at to a average decile achieved produced EPS sleep multiple top highly were efficiencies quality reinforced for result believe The strategies goes nine Despite rate we In of the of EPS times as differently. sleep not XXXX science year, line an growth of of clarity for in saying innovation for and year growth with embraced increase will groundwork and health This XXX% the ago XXXX that than with the business XX%, possible began line XXXX X% Number. share understanding is and working years of truly culture XXXX XXXX this an with teams expected significant years our our we XX three-year execution multiyear and stakeholders. expansion. in our another had are average the deliver top another advantaged problem year the proven explosive growth. We solving with by the last technology-enabled nearly enablers XX% through in by X% XXXX, in for that two. in price expansion correlated growth made top and all success line strategic

value continue for We and for years performance to in drive and breakthrough have been creating XXXX beyond. superior

grew the our Before Net talking more $X.XX review results. sales future, nearly about to billion. let's X% XXXX

resulting from extra QX million in second XX% sales accelerated net months half, $XX Net of past accelerated the the year sales from year back growth years in Excluding to for growth, material despite Demand quarters. the XX% in the or up despite week, throughout growth X% without in XX COVID the for growth average quarter. of average pressure. XX% decline week, XX% COVID-XX double-digit extra the That's grew XX% this X.X the affected QX. three year-over-year

a healthy and metrics Comps sales X%. growing business. XXXX Our reflect grew

X.X New X.X with stores the points week. points XXrd additional an from contributed

grow non-store In points. the delivered notwithstanding, our ARU the sales differentiating of result sales and XX.X% marketing four X.X% A increase the of phone of each strong a still growth this than partnerships our online teams breakthrough annual of and has to when both and $X,XXX, time. units to unit net XX% over our average year in driver and initiatives our made from nearly is technology Our XXX% generating touch selling while XXXX, strategy in the compared ARU The more through X.X% ability sales all from over been drove difference, about growth years. historically. advantage last agility

expanded Another states. national our long-term digitally, from sales and We the inflation, outside XXX basis more our and presence retail eclipsed than productive closed in top XXX initiatives, XX ended lift COVID-driven is rate million QX. to all long-time labor stores gross integrated made store our mix leverage XXXX. highly $X COVID. per the in including than sales and basis source year point We XX the and anywhere Volume decline. point more online offset capabilities with average with XX.X% XXXX XXX efficiency stores with gross online basis of growth of on rate pressure to margin milestone selling due points and margin

in chain centres assembly two supply tracking certainly demand are Dallas quality needed fulfillment from The rapid suppliers. global relationships digital and of expansion we addition distribution including also the our enhanced significant our demand our average, extra Operating of to the resilience teams flexibility growth, of for benefiting and selling points our in of enabling quarter delivery XXX as week within gains proven global and supply are stressed chain forecasting, of and six ingenuity sleep first reported we inventory are into Despite components days and our in marketing with of basis XXXX. here and as new built While expediting constraints and fulfill we solutions. times XXX inventory our contributed suppliers supply has employ benefit. in Tampa desire capacity basis is as our customer explosive points the or efficiency strong leverage XXXX excluding customers' chain

communications is differently are focused helping acceleration to targeting investments of tools our COVID customers. significant Our thrive cost including closure-related workforce customer digital Digital safe reduced us us this marketing pandemic our anywhere navigate and and embraced advantaged acquisition. working efficient and cuts and business in customer staffing business. are digital customer Synergies challenges digital efficient initiatives leading with that engagement vertically effective while experience to text solutions management Selling our across driving rapid inventory monitoring COVID-XX through integrated and delivering waste response improved delivering helping from are leverage and are structure. of across

in the We We and long prior continue the actions in bringing year to take full XX%. accelerated by term. investments year make our to for over QX decisions R&D XX% increase

customers shareholders that create exciting years for lines for significant for and value sight clear have innovation We come. to will

the up sleep we shares Sleep compensation gift of income weighted year XX%, as for members. outstanding Number the by and point costs headwind into XXX average team absorbs our Our all X,XXX were offset incentive lean nearly year. proven quality a the G&A fewer basis were X% performance-based XXXX capabilities and for of digital for taxes

per XX% loss operations in an earnings projects shares of capital price in especially XXrd earlier, per noted million earnings XXXX QX absorbing projects About week our one earnings carrying excluding over completed generated from while are in to $X.XX share stores $XX by XX% were forward average $XX into $XX $XXX $X.XX planned XXXX. $XXX We XXXX, per to from delayed for million new Adjusted year the As We $XXX $XX million drove increased million cash including diluted Sleep $X.XX, XXXX benefit the at flows. XX% record We record COVID-XX-affected our an increase share others totalling million the and of QX. COVID. our million ago. previous in up Number cash a versus we invested share. in in

compares ROIC reflects times ended We continue actions capital XX% in with X.X X.X times. under to see year our the our the our $XXX Sleep authorization operating X million deployment targeted stock. from the and to efficiency remaining leverage to time ending of Our significant and our of value current over Number range times EBITDAR Board

Turning our now to XXXX assumptions. guidance and

we've implies at $X EPS time of deliver EPS over diluted XXXX, XXrd one of To-date, our our year results various XX% the illustrated to expect of growth least in XXXX which excluding the We at least over strength record week. horizons.

XXrd using trajectories With are find we the the and noise disruption week we in performance the COVID-XX, XXXX growth driving. year versus from the of two provides the XXXX view from clearest

year more doubled EPS profit operating It just escalation sales guidance than XXXX Our XXX versus XX%. of to than earnings years. of XX% XXXX in points two assumes expansion two net margin more on organic basis

net of X% For growth perspective average this sales delivered that on previous scale the we the four years. remember performance,

with more XXXX bottom-line first of the to versus year. XXXX half and of in coming in each the expect the grow quarter We top growth

to from XXXX, to XXXX capital million $XX $XX be cash projects. deploying million productive We similar in generated while to highly operations expect

in priorities and opportunistic deployment target capital shares, for X.X operating EBITDA. moving maintaining of Number performance Our investments Sleep emphasize times toward accelerators, to capital our times X while leverage investments

create we Our team still stage XXXX, response delivered sleep partners. Sleep will Number the continue you, opportunities exceptional creation The and Sleep stakeholders. our our deliver proprietary ahead. value financial lasting and business tremendous innovations through while with and setting resourcefulness technology for engagement, Thank for to SleepIQ team's in Number breakthrough performance science-based rapid customers

the improve performance. please Your at point, passion to exceptional clarifying line for driving questions. Gabriel, lives open is this

Operator

Keith Your will Sandler. of question ahead. go Please come from Piper Peter [Operator Absolutely. first Instructions]

Peter Keith

afternoon. Hey. Great everyone. results, Good

your on in and And hoping a learning you where marketing here some of versus bit customers. automation a historically? granular had base you XXXX? has your us of allow to dollars that does machine the that perhaps of to and call demographic more couple You trended the mentioned capability times Is the ability that to I furthermore, detail. use it's a expand could with unpack a this you example? And have back specific customer little new half of more emerged was give target the Could marketing

Shelly Ibach

our Peter. customer I'll absolutely. first. It our who has advancement Yes, part we're bringing you, helped broaden your start the Thank question and -- and digital us expand Great. widened has with latter brand the and of target purchasing into the of so that who's with capabilities. definitely

capabilities we years our recall in-house ago. a brought digital few probably you As

this So the of that continues HRV wellness ecosystem. we've this or add great advance flywheel that call, our we initiatives and capabilities. all bit an examples we stemmed to a ongoing it's consumer potential is been strategic this of hold our because increases into the built how And the it and as be and and engage horizon our to each through, a of, insider behaviour. her but our part quarter, one her and build We Then every all quarter our more the we've incorporated digital connects shop amplify. every deepen trends, ecosystem engagement look over to she off And shift or as our digital the more convert with The and the effective. and seeing on is innovations have we and strategy, all benefits example double-digit advocate continue future. the and the this with happened on out in them brand. highest we of with advancing each just an product to and group then becomes and health result data, that And the ecosystem year-over-year us consumer, is those however, And for and the has demand our off nighttime technology. And algorithm us gives SleepIQ becomes progressing strengthen as brings us. as that the we confidence of as customer wants what circadian and and the way get -- internal building that smarter like the build what a engagement will to the continues rhythm funnel,

of and gives value value is stakeholders. our confidence over great at in superior delivering us map this to our all looking how what time, road So builds

Peter Keith

Okay. that. If I quick ask a on follow-up could

base, new are or various is that talked customer or you? to You about are Maybe examples? expanding the there specific it ages even broadening geographic

Shelly Ibach

can in of of added the Well, quarter. on XX% curve. you great fourth the a see it all, the part another younger Yes. growth first in But adding in some unit eight we've that years five to growth younger the --

Peter Keith

If know, probably prolifically. looks I maybe with still into for industry as then hoping backlog you're And It you could have a great. the pivot of in peers Okay, financial your QX. that prices a was secondly, to could lot question been going us. like you raising I a two-fold. David, running for quantify rather

guys have You not.

of kind right guidance? pricing are And there that feel now? position wondering price So, any your embedded within increases planned how about you

David Callen

you're in the into deliveries five right. X% in do fourth XXXX. of the of that is demand have growth higher XXXX. We going the probably Peter, move to of for highlighted Yes. to our quarter, I growth points to That four X% some which are about that resulted

have power XXXX line in plans based across and into on far to models as have built continue the pricing our As our we select innovations. pricing, pricing

of certainly our X% year. pricing that lighter power we recently driven average that, You half about historically, maybe benefit but business taken It's that we've per a model. know within have little been of that than an

Peter Keith

great. lot luck. and Thanks good sounds a Okay,

David Callen

Thank you.

Operator

of the Griffin James. Please question will from Raymond Your ahead. next of go Bobby come line

Bobby Griffin

any kind the for little where partnerships taking first unprecedented your Good of circle there of not questions. because see the my of afternoon, with to be on to of out you're the time potential thinking and and different rest a five-year or frame for a as partnerships the potential not maybe buy-side time managing unique over sleep of with Is each day? from, that we, any type comments about amount more bit might Shelly, And the and the you the year. potential or registering stand you a to that sell-side hopefully everybody. additional SleepIQ? monetization you and subscription-type I want kind the nights industry data team SleepIQ And do does challenging expand can more long-term on your congrats and little. frame or customers of back the you pretty in an or on Thank

Shelly Ibach

Bobby the question. thanks for

how an right extending sessions this important And This such right. connected absolutely area You're our fleet. sleep sleep our we're we're significant with is and where data now position our on is leadership into health. sharing

the will people think of health the the link you as would and that So the be and our day daytime understand to extending help measurements if the now overall we and release I brought alertness. about of wellness, years, indications health. be are the the connected nighttime the And bed upcoming that think smart number really to and good and some around past rhythm of their These market now introduced HRV. optimize and we'll between you circadian sleep helped be marketplace then sleep your

beginning. capabilities scaling So that's area competitive and in moat. multi-sensory investing We're broaden as we significantly the in this our investing

bed the And a our beds as build future. of evolve yes There's platform. smart consider potential will in the and off great baseline smart So that we above. all to everything as and

Bobby Griffin

or the to you anything bit the Thank bit $X you. that kind non-media item? media-driven to assumed comes us targeting. little flavour marketing when get business of levels or the you're understanding that that we terms at back have quarter, second there's help for mix non-marketing And And to around the then a is little get that, a lot But David Was P&L with in difficult. of offer this line environment portion very number what of of more of in marketing to drivers portions? this the of XXXX, can the on sales you detail a that in a leverage? parts that moving the as follow-up and predicting look And the

David Callen

that's we're performance off Yes marketing. margin NOP -- did Pretty important XX sales dynamic versus And for -- come expansion from and of XXXX, XXX purposes. delivering use growth significant we it's of modelling the a Bobby again that A that your at in basis sure. about XXXX. an two-year for of advising that excited why our portion least points XXXX

expect I onto work we hold As how highlighted, to we to gains of lot a because those differently. learned

going margin We are XXXX growth and event. in kind in going lean expansion We're with near-term for operating spending. and to we're to not drivers on but in a drivers to two-year out leaning be basis. profit that our our in into in growth our example XX stores like be our marketing of any XX building going only yet still And included delivering stores R&D again that to XXXX

Bobby Griffin

back the Thank you you luck to and in Okay. queue. jump helpful. first best That the I’ll in was quarter. again of

David Callen

lot, a Bobby. Thanks

Operator

[Operator next Please Curtis America. Our go Instructions] question will Nagle ahead. from Bank come of of

Curtis Nagle

Thanks very Good much. evening.

wondering something think demand Bobby's XXXX. on it's far should amount goes, through point little could sales in terms XX.X% I a the in don't volume some how for marketing percent back at least marketing. think Yes up? and of kind kind Clearly Would average, and at in the guys structure? permanently know if model follow-up changed dropped and about running of sales the I of my terms in there's of the Or revenue. normalizes we through as Basically, of been bit, or structure go and Just growth about guess I there, about perhaps just to wanted as it you've of S&M a industry as XX% what's put terrific the run on has when a efficiencies. go? you thinking and that where been to rate But

Shelly Ibach

Curtis, I'll start, colour. and David add some additional Great. can

your But I demand. all does consumers pull more way the high-value conversion. being I we to hear spoke little it these bit able all a could digital start think question. about and was target to and with It ecosystem through to customers the efficiently And muffled.

ecosystem important strengthening is leverage line. the a our very and for digital big efficiency So that on source is of this that of

it our from with acquisition we If capabilities through from and sleep holistically, advocacy, professionals anywhere. of engagement the have new conversion also how and you about way think the customer, all the ongoing the selling to our

integrated. is model of and all So integrated. business the a because our starts it our with integrated initiatives it's advantage strategy, big our of vertically all and consumer It innovation are consumer

through, as our we pulls invest leverage the advance continue to and digitization. in so And

Curtis Nagle

Okay. Got it.

just theoretically, as some follow-up, at for Just a higher maybe the XXXX. least assumptions through for talk of tickets

Just kind mid what the at think launching takes, of through are I least beds. thinking puts entry-level the and

important. at there other of but the offset, which thinking components I that are more been you us through quarters, walk David some just if kind and sort help. Maybe if flattish. any kind of there's Looking running couple should past to in the it's stores positive, could of guess online be of, less business and But, how you're about that

David Callen

expecting for And are in customer said we're actually needs. there I not over here in-store starts experience and and the do, ARU, now, out work. things XXXX. while we the We ARU and best to in our moves to new further coming in create as with generally contribute that frankly. -- as Curtis. a the those with new new vacuum. have yes experience, excitement then, brand. We and how the down p series line, series in-store the sure, It We the Well, That's will -- the That like drives XXXX. would experience And impact grow fairly to online you've ARU, intend product have in pricing well. that suits strong the a to in some that their fact seen C

Curtis Nagle

much. very All right. Thanks

David Callen

you. Thank

Operator

from come ahead. from question Atul Our of line Please the next will go Maheswari UBS.

Atul Maheswari

my question marketing it line. than taking past. question. a And in that metric is for the now to lot what be so Thanks evening. on Good the and also a much better, sales given this I used had

that So, next could unlocked of in your even if few And you you will you've trend that? years? the highlight the so, that's And drive gains? efficiencies do driving what lower, that these could some margin think S&M

David Callen

business. the learned how Well, differently to we've work lot across a

foremost, Also And we've embraced talked the from the ways a we've be grew marketing and some put about of to we XXXX. marketing capabilities. tools the anywhere, on in management of place. side. First and efficient We've selling more workforce found digital that lot X% in we've

contributing out So front X%. Shelly capture compared of excuse -- our top to capabilities customers. And got media, of lot or to compared for to, really -- a the of we've that line line. the X% top And on our digital growth new growth and year that on leverage of are line how highlighted efficient, course, me of attract

believe So, there's going opportunity that yes we forward.

marketing and fuel going are this them. into lean capabilities a for media company. We're to However,

Shelly Ibach

add, stores. the be our talked now the We in online. We've other over sales. One about million productivity store over of $X per XXX%, inclusive of had surpassing increase would online

We a about, growing expect in sales growth And the growing across country million markets, to point. from store over productivity super $X to in our mean, see continue we our excited one and significant addition, $X our store sales. stores stores. having online to in leverage to continue benefit that's million. I XX over And and

Atul Maheswari

you. Thank Great.

David Callen

Atul. Thanks,

Operator

now There back presenters, remarks. for closing further are the call questions, at the no time. turn I'll this over to

Dave Schwantes

And you, forward well. to Thank performance XXXX We joining in today. look discussing dream Sleep our with big. you for quarter first us April.

Operator

today's for joining. conference call. concludes This Thanks

You disconnect. may now