Lehi, Utah – Revenue has fallen at mattress manufacturer Purple Innovation. At $144m in the second quarter of 2022, this represents a 21.1% decline on the same quarter in 2021. However, this is a slight increase – 0.6% – on the first quarter of this year.
Quarter-on-quarter wholesale revenue was down by 5.9%, but 8.4% up on Q1 2022. For the direct-to-consumer channel, the year-on-year quarterly decline of 29.8% was reduced to a Q1 to Q2 fall of 4.6%.
There was a net loss of $8.3m in Q2 2022, down from a net income of £2.6m in the 2021 quarter. However, this represents an improvement on the first quarter of 2022, when the net loss was $13.6m. EBITDA was a negative $8m, compared to a positive $3.9m in the 2021 quarter.
‘We continue to make important progress improving Purple’s operational health, despite increasing macro headwinds,’ said CEO Rob DeMartini. ‘While the continued shift in demand away from home related categories and the impact of inflation on consumer discretionary spending is delaying our top-line recovery, we remain confident that our four strategic initiatives – operational excellence, brand elevation, channel development and accelerating innovation – are the right building blocks for delivering long-term profitable growth.’