Business
Newegg Reaffirms Its Full-Year 2021 Financial Forecast, Opens Limited Trading Window for Restricted Shares
LOS ANGELES--(BUSINESS WIRE)-- Newegg Commerce, Inc. (NASDAQ: NEGG), a leading tech-focused North American e-retailer, today reaffirmed its previously issued
About this update from Newegg Commerce, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nNewegg Commerce, Inc. (NASDAQ: NEGG), a leading tech-focused North American e-retailer, today reaffirmed its previously issued financial forecasts for the fiscal year ending December 31, 2021, as well as the launch of several operating initiatives to better serve its customers, the grant of restricted stock units to key employees, a new employment agreement for its Chief Executive Officer, and the opening of a limited trading window for its restricted shares.\n\nReaffirms Full-Year 2021 Financial Forecast\n\nNewegg currently expects to have a favorable holiday season with strong financial performance for the fourth quarter of 2021. Newegg reaffirmed its previously announced full-year 2021 guidance, reflecting consistent expectations of demand and profitability relative to its previous guidance. For the full year 2021, Newegg expects to achieve net sales of approximately $2.4 billion (similar to its previously announced guidance of net sales of approximately $2.4 billion) and net income of between $36.3 million and $40.3 million (slightly higher than its previously announced guidance of net income of between $36.1 million and $40.1 million).\n\nNewegg’s CEO, Anthony Chow noted, “I am very pleased with Newegg’s strong year-to-date performance, which is a testament to the successful execution of our strategy focusing on profitable growth. This performance is in line with our expectations, and we have laid the foundation for a strong fourth quarter.”\n\nRobert Chang, the Company’s Chief Financial Officer, commented, “We expect to see continued strength in customer demand for technology products and anticipate a favorable holiday season. We are confident that, with our year-to-date financial performance combined with our positive outlook for the remainder of the year, we are on track to hit our previously announced financial and growth metrics for the year 2021.”\n\nMr. Chow continued, “Since the beginning of the pandemic, similar to many businesses in our industry, we were and continue to be affected by global supply chain challenges. The disruption in the global supply chain has directly affected our vendors by putting pressure on their profit margins. We worked hard to optimize our relationships and create mutual trust with our vendors, as well as offer them logistical and marketing support to moti...