Loading...
•
Mar 31, 2021
Purple Q1 2021 Earnings Report
Purple Innovation reported record first quarter results with a 52% increase in net revenue and a net income of $20.9 million.
Key Takeaways
Purple Innovation reported a strong first quarter in 2021, with net revenue increasing by 52% to $186.4 million and net income reaching $20.9 million. The company's performance was driven by strong demand across all product lines and channels, with significant growth in both DTC and wholesale revenues. Adjusted EBITDA also saw a substantial increase of 115% to $22.8 million.
Net revenue increased by 52% to $186.4 million, driven by growth in both DTC and wholesale channels.
Net income was $20.9 million for the quarter.
Gross margin improved to 46.9% due to higher DTC channel revenue and fixed cost leverage.
Adjusted EBITDA increased by 115% to $22.8 million.
Forward Guidance
The Company is raising its 2021 outlook. It now expects full year 2021 net revenue to be between $860 million and $900 million, up from its previous range of $840 million to $880 million. For the second quarter of 2021, the Company expects net revenue to be between $200 million to $210 million and adjusted EBITDA between $21 million and $25 million.
Positive Outlook
- Full year 2021 net revenue is expected to be between $860 million and $900 million.
- Adjusted EBITDA is now expected to be between $95 million and $105 million.
- Net revenue for the second quarter of 2021 is expected to be between $200 million to $210 million.
- Adjusted EBITDA for the second quarter of 2021 is expected to be between $21 million and $25 million.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...