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May 13, 2022 02:10 PM

Purple hit by changing consumer patterns in Q1

Utech Staff
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    Lehi, Utah – Purple, a bed-in-a-box company, had total sales of $143.2m in the first quarter of 2022, down 23.2% on the same period last year.

    EBITDA across the business fell by 138.1% to a negative $10.6m in the first quarter of 2022.  

    The company said that its direct-to-consumer sales fell by 31.5% in the quarter, and that there was a 6.3% fall in revenues from the wholesale channel.

    'These results represent a building block towards re-establishing Purple as a profitable growth company and creating a stronger foundation that will move us towards our long-term plans,' said CEO Rob DiMartini.

    DiMartini said that he thinks things will get better in the second half of the year. '[The business faces] evolving economic and post-pandemic headwinds such as a shift in consumer buying patterns from online to in-store.'

    The numbers were down in comparison with the first quarter of 2021 because that quarter had a spike in demand, driven by economic stimulus and high levels of consumer demand. Margins were hit by a higher wage bill and overhead costs. 

    Purple Innovation numbers Q1 2020 ( $ m)
    Group Q1 2020 Q1 2019 Change %
    Sales 122.4 83.6 46.4
    Adjusted EBITDA 10.6 6.2 71.0
    Margin % 8.7 7.4
    Source: Purple Innovation
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