Shares of Sleep Number (NASDAQ: SNBR) were down 29.5% as of 3:45 p.m. ET Wednesday after the bed manufacturer announced weak quarterly results, lowered its full-year outlook, and revealed significant restructuring initiatives.

For Sleep Number's third quarter of 2023, net sales declined 13% year over year to $472.6 million, translating to a net loss of $2.3 million, or $0.10 per share (compared to net income of $0.22 per share in the same year-ago period). Analysts on average were expecting net income of $0.17 per share on revenue of $514.5 million.

While Sleep Number entered Q3 with high expectations, the company says "demand decelerated abruptly in August and September," resulting in a low-double-digit percent demand decline for the quarter.

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Source Fool.com