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Mar 31, 2020
Purple Q1 2020 Earnings Report
Reported record first quarter results with net revenue increased and net income improved.
Key Takeaways
Purple Innovation reported a strong first quarter with a 46% increase in net revenue to $122.4 million and a net income of $20.0 million. The company successfully navigated the challenges posed by the COVID-19 pandemic by focusing on its digital channel and managing its supply chain effectively.
Net revenue increased by 46% to $122.4 million compared to the first quarter of 2019.
Net income improved to $20.0 million, a significant turnaround from the net loss of $(0.7) million in the same period last year.
Gross margin improved to 43.5% due to efficiencies in operations, logistics, and favorable product and channel mix.
The company adapted quickly to increased demand and shifts in product-mix, with domestic production facilities reducing vulnerability to global supply chain disruptions.
Forward Guidance
The Company previously withdrew guidance as a result of uncertainty due to the COVID-19 pandemic. Due to the continued uncertainty in the overall economy, the Company is not providing an update at this time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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