New York, New York – Bed-in-a-box company Casper's sales fell in the third quarter of 2020. It recorded revenue of $123.5m in the third quarter, down 3.29% on the same period last year.
Raw material shortages hit Casper in Q3
Adjusted EBITDA was $7.5m a loss but smaller than the third quarter of 2019.
'Our top-line growth was disappointing, based on initial demand signals,' said CEO Philip Krim. 'Challenges in our supply chain, including chemicals critical to foam production, [meant] many of our mattresses were out of stock on our website for weeks.'
He added that the company has changed a number of key suppliers, improving inventory planning and building stocks. 'We believe we are well positioned going forward,' he said.