Q1 2024 Purple Innovation Inc Earnings Call Transcript
Key Points
- Reported a 12.5% year-over-year increase in net revenue, indicating strong sales growth.
- Wholesale channel revenue increased by 33% year-over-year, with net revenue accelerating as the quarter progressed.
- Showroom revenues increased by 11%, driven by higher average selling prices and a shift to higher-priced collections.
- Successfully launched three new mattress lines (Essentials, Restore, Rejuvenate) which have been well received in the market.
- Implemented strategic initiatives aimed at improving e-commerce conversion rates, gross margin improvement, and marketing efficiency.
- E-commerce sales declined by 4%, impacted by price testing and changes to promotions.
- Gross margin rate decreased to 34.8% from 38% the previous year, affected by channel mix and other factors.
- Adjusted EBITDA was negative $13.2 million, compared to negative $7.1 million a year ago.
- Adjusted net loss increased to $20.4 million from $14 million in the previous year.
- Facing challenges in the broader industry environment, which continues to exhibit negative growth trends.
Good afternoon, ladies and gentlemen. Welcome to Purple Innovation First Quarter 2024 earnings conference call. (Operator Instructions) It is now my pleasure to introduce your host, Cody McAlester of ICR. Please go ahead.
Thank you for joining Purple Innovation's First Quarter 2024 earnings call. A copy of our earnings press release is available on the Investor Relations section of portals website at www.purple.com.
I would like to remind you that certain statements we will make in this presentation are forward looking statements. The forward-looking statements reflect Purple Innovation's judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting the Company's business. Accordingly, you should not place undue reliance on these forward-looking statements.
For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements we made
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
