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Mar 31, 2024
Purple Q1 2024 Earnings Report
Purple Innovation reported first quarter results for 2024, which were in line with guidance.
Key Takeaways
Purple Innovation's first quarter 2024 net revenue increased by 12.5% to $120.0 million compared to the first quarter of 2023. The increase was driven by the positive response to the Company’s new product lineup and an increase in wholesale floor slots. The company is reiterating its 2024 outlook for full year net revenue to be in the range of $540 to $560 million and Adjusted EBITDA between $(20) million and $(10) million.
First quarter net revenue increased 12.5% to $120.0 million compared to $106.7 million in the first quarter of 2023.
Wholesale revenue increased 33.1% and DTC revenue was consistent with the year ago period.
Gross margin for the first quarter 2024 decreased to 34.8% compared to 38.0% in the year ago period.
Operating loss was $(23.1) million for the first quarter 2024 compared to $(24.6) million in the prior year period.
Forward Guidance
The Company is reiterating its 2024 outlook for full year net revenue to be in the range of $540 to $560 million and Adjusted EBITDA between $(20) million and $(10) million. The Company still expects its quarterly revenue and adjusted EBITDA performance to improve sequentially as it progresses through the year with adjusted EBITDA projected to be positive for the second half of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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