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Jun 30, 2020
Purple Q2 2020 Earnings Report
Purple Innovation reported record second quarter results driven by a significant increase in net revenue and operating income.
Key Takeaways
Purple Innovation reported a record-breaking second quarter with a 60.3% increase in net revenue to $165.1 million and an operating income of $32.0 million. The company successfully capitalized on the strengths of its business model and changes in consumer buying behavior due to COVID-19, particularly in the direct-to-consumer channel.
Net revenue increased by 60.3% to $165.1 million compared to the second quarter of 2019.
Operating income improved to $32.0 million, a significant increase from the operating loss of $(2.4) million in the prior year period.
Gross margin improved to 49.4% compared to 41.5% in the same period last year, driven by a higher proportion of DTC channel revenue.
Cash and cash equivalents increased to $95.4 million as of June 30, 2020.
Forward Guidance
Due to 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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