Business
Purple Innovation Announces Preliminary Estimated Fiscal 2022 Results in Conjunction with Presenting its New Premium Mattress Lineup at Las Vegas Market
LEHI, Utah, Jan. 30, 2023 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple" or the "Company"), a comfort innovation company known for creating
About this update from Purple Innovation, Inc.
[{"type":"text","content":"LEHI, Utah, Jan. 30, 2023 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) (\"Purple\" or the \"Company\"), a comfort innovation company known for creating the \"World's First No Pressure™ Mattress,\" today announced preliminary estimated results for the fiscal year ended December 31, 2022. The announcement comes in conjunction with the Company's participation in the Las Vegas Market trade show running from January 29, 2023 through January 31, 2023 at the World Market Center Las Vegas, where the Company plans to showcase its 2023 new premium product lineup and meet with analysts and investors. These financial results are subject to change pending the completion of the Company's year-end financial reporting processes, reviews, and audit.\n\n \n \n \n \n \n \n\n \nPreliminary Estimated Results for Fiscal 2022\nFor the year ended December 31, 2022, the Company expects to report:\nNet sales of approximately $574 million compared to guidance of $570 million to $590 million.Net loss between $(97.5) million and ($83.7) million.Adjusted EBITDA at the low end of its guidance range of $2 million to $7 million.Rob DeMartini, Chief Executive Officer, commented, \"I am pleased that we delivered sequential improvement in quarterly net sales despite ongoing macroeconomic challenges. While our fourth quarter top-line performance was encouraging, industry headwinds, in particular the impact of inflation on consumer discretionary spending and a highly promotional environment during the holiday season, put some additional pressure on gross margins and profitability.\n\"Looking to Las Vegas Market, we are excited to introduce our broadest and most innovative lineup of premium mattresses ever. We believe the launch of these new products in our ecommerce, showroom and wholesale channels beginning in the second quarter, coupled with new brand positioning and the deployment of enhanced marketing programs, will drive year-over-year growth starting in the second half of 2023.\"\nThe Company has not yet completed the preparation of financial statements for the year ended December 31, 2022. Expectations for net sales, net loss, and Adjusted EBITDA for the year ended December 31, 2022 are preliminary, unaudited, and are subject to change based on the completion of ongoing internal control review, and audit procedures. As a result, these amounts may di...