Company Participating in Raymond James TMT &
Consumer Conference on December 5 and
ROTH MKM Deer Valley Conference on December
14
LEHI,
Utah, Dec. 4, 2023 /PRNewswire/ -- Purple
Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation
company known for creating the "World's First No
Pressure® Mattress," today announced positive
year-over-year sales results for the Black Friday through Cyber
Monday period (November 24-27, 2023)
and reiterated its 2023 full year outlook.
"The momentum that has been building in our business since the
launch of our Path to Premium Sleep strategy earlier this year has
accelerated in the fourth quarter, most notably over the key Black
Friday / Cyber Monday long weekend," said Chief Executive Officer
Rob DeMartini. "This was the first
key holiday selling period when our new product portfolio and
enhanced brand positioning were fully deployed across all
distribution channels and all doors, and the results were positive.
For the four days following Thanksgiving, we achieved high teens
and high single-digit sales gains in our showroom channel and our
eCommerce channel, respectively, and the sell-through feedback we
received from our wholesale partners indicate that our balance of
share was up meaningfully. Importantly, overall demand for our
highest priced mattresses was strong, underscoring the traction we
are making evolving Purple into a formidable player in the premium
and luxury sleep space."
While the Company is pleased with the positive quarter to-date
results the category remains challenged, therefore the Company is
reiterating its full year outlook. For 2023, Purple still expects
net revenue to be in the range of $510 to $520
million and negative adjusted EBITDA between $(65) million and $(55)
million.
The Company also announced it is hosting meetings with investors
at the Raymond James TMT & Consumer Conference on December 5, 2023 in New
York City and at the ROTH MKM Deer Valley Conference on
December 14 in Deer Valley,
Utah.
About Purple
Purple, the leading premium mattress
company with the #1 Gel Grid technology in the world, the
GelFlex® Grid, thoughtfully engineers products that
make restorative sleep effortless for every kind of sleeper. The
result of over 30 years of innovation and in comfort technologies,
Purple's GelFlex Grid is the most significant advancement in
mattresses in decades and is proven to reduce aches and pains. It
instantly adapts as you move, balances temperature, relieves
pressure and offers support in all the right places. Purple
products, including mattresses, pillows, cushions, frames, sheets,
and more, can be found online at Purple.com, in 57 Purple
stores and over 3,000 retailers nationwide. Sleep Better. Live
Purple.
Forward Looking Statements
Certain statements made in
this release that are not historical facts are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include but are not limited to
statements relating to our expected financial and operating results
for the full year 2023, including net revenue and Adjusted EBITDA.
Statements based on historical data are not intended and should not
be understood to indicate the Company's expectations regarding
future events. Forward-looking statements provide current
expectations or forecasts of future events or determinations. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company's control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Factors that
could influence the realization of forward-looking statements
include, among others: changes in economic, financial and
end-market conditions in the markets in which we operate;
fluctuations in raw material prices and cost of labor; the
financial condition of our customers and suppliers; competitive
pressures, including the need for technology improvement,
successful new product development and introduction; changes in
consumer demand, including pullbacks in consumer spending;
disruptions to our manufacturing processes; and the risk factors
outlined in the "Risk Factors" section of our Annual Report on Form
10-K filed with the Securities and Exchange Commission (the "SEC")
on March 22, 2023 as amended on Form
10-K/A filed with the SEC on May 1,
2023, and in our other filings made with the SEC. The
Company does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Contact:
Brendon
Frey, ICR
brendon.frey@icrinc.com
203-682-8200
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SOURCE Purple Innovation, Inc.