Lehi, Utah — Coronavirus lockdowns in the US helped Purple, the bed-in-a-box maker and online retailer, increase sales 54% in the first half of 2020.
The company recorded sales of $287.5m in the half. Adjusted EBITDA across the business rose 487% to $35.2m. In the same period in the previous year, that figure was $6.0m.
Megibow: Optimistic
'It was a record-breaking [second] quarter from both a revenue and operating income standpoint as our organisation successfully capitalised on the strengths of our business model and the changes in consumer buying behaviour brought on by coronavirus,' said CEO Joe Megibow.
He said Purple had scaled back production at the start of the pandemic, but increased output and improved fulfilment to meet demand from online direct-to-consumer sales as the half progressed.
'Our direct-to-consumer mattress business grew triple digits, as did several of our other categories led by seat cushions, pillows and sheets,' he said.
He added that this more than offset sales through physical stores as these were shunned by the public during lockdowns across the US.
'Looking ahead, we remain optimistic,' he said. 'The positive momentum in our business has carried over into the third quarter and our strong cash position is allowing us to further invest in our key growth initiatives.'
Purple is also planning a new manufacturing facility in Georgia, US.
