Leihi, Utah – Purple Innovation, a bed-in-a-box company, said sales to consumers buying directly from the company were up 125% in May 2020 to $71m.
Purple announces strong May 2020 numbers
In comparison with May 2019, wholesale orders in May were down 2% at $17.3m. But by the end of May two-thirds of Purple's wholesale customers had opened their doors.
Joe Megibow, CEO put 'a very successful Memorial Day weekend,' at the heart of the month on month recovery. Wholesale sales in April were down by 43% on the same month in 2019, the company said in a trading statement.
He said: 'We are experiencing robust demand… we have shifted resources to capture the acceleration in on-line spending. We are moving forward with manufacturing capacity expansion plans.'
The move from wholesale to online purchases is helping cash flow, said CFO Craig Phillips. 'We have also meaningfully improved margins as a result of this channel shift,' he said.