Q1 2020 Purple Innovation Inc Earnings Call

Mattress company Purple Innovations Inc. said Monday that it has focused once again on its direct-to-consumer online business after a consumer shift to e-commerce in the wake of the coronavirus outbreak. Prior to this decision, the company had seen its wholesale business drop as stores temporarily shuttered and the company withdrew its 2020 guidance. Online sales accelerated in the last half of March and through early April, particularly for "ancillary" items like pillows, sheets and seat cushions, according to a statement by Joe Megibow, Purple chief executive. Online sales have grown 35% year-over-year in the first quarter. Still, to preserve liquidity, Purple has adjusted its production schedule and furloughed 35% of permanent staff. The company is suspending all non-essential hires, delaying non-maintenance-related capital investments, and the company previously announced compensation deferments for executive staff and board members. Purple stock is up 1.4% in Monday premarket trading, and has rallied 35.6% over the past year. The S&P 500 index is down 4% for the period.

Q4 2019 Purple Innovation Inc Earnings Call

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), the leader in comfort innovation and the creator of the renowned Purple® Mattress, today announced the availability of its new personal protective equipment (PPE) product, the machine-washable and reusable Purple™ Face Mask. Now available for purchase by the pair, this fundamental pandemic staple will help adults and children stay safer and more comfortable when outside the home.

PURPLE INNOVATION, INC. (PRPL) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure™ Mattress," today announced the pricing of an underwritten secondary public offering of 10,789,372 shares of its Class A common stock to be sold by InnoHold, LLC (the "Selling Stockholder"). The shares of Class A common stock are being sold at a price of $10.50 per share. The offering was upsized from the previously announced offering size of 9,000,000 shares of Class A common stock. The underwriters have a 30-day option period to purchase up to 1,618,405 additional shares of Class A common stock from the Selling Stockholders at the same price per share. The offering is expected to close on May 19, 2020, subject to customary closing conditions.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure™ Mattress," today announced the launch of an underwritten secondary public offering of 9,000,000 shares of its Class A common stock to be sold by InnoHold, LLC (the "Selling Stockholder"). The underwriters have a 30-day option period to purchase up to 1,350,000 additional shares of Class A common stock from the Selling Stockholder.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), the leader in comfort innovation and the creator of the renowned Purple® Mattress, is dedicated to serving those in need during the COVID-19 pandemic crisis by way of manufacturing and donating specially designed mattresses in cooperation with Relief Bed International.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure ™ Mattress," today announced results for the first quarter ended March 31, 2020.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), the leader in comfort innovation and the creator of the renowned Purple® Mattress, will report first quarter 2020 financial results on Monday, May 11, 2020, after the close of regular stock market trading hours. The Company will hold a conference call that day at 4:30 p.m. ET to review the financial results.

Purple Innovation (PRPL) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

PURPLE INNOVATION, INC. (PRPL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

PURPLE INNOVATION INC (PRPL) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Sales of Casper and Purple beds soared amid the coronavirus pandemic. Yahoo Finance's Brian Sozzi had the chance to speak to Casper co-founder and CEO Philip Krim, in addition to Purple CEO Joe Megibow. He shares what he learned on Yahoo Finance's The First Trade.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure ™ Mattress," today provided a business update in response to the continued impact from COVID-19.

Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure™ Mattress," today announced the closing of the previously announced underwritten secondary public offering of 10,789,372 shares of its Class A common stock sold by InnoHold, LLC (the "Selling Stockholder") at a price of $10.50 per share, for total gross proceeds to the Selling Stockholder of approximately $113.3 million before deducting underwriting discounts and commissions. Purple did not sell any shares of Class A common stock in the offering and did not receive any proceeds from the offering.

Shares of Purple Innovation (NASDAQ: PRPL) were jumping over 12% in midday trading after the bedding maker posted higher than expected sales and profits. Considering the ruined state of retail these days due to the COVID-19 pandemic, Purple's ability to grow sales 46% in the first quarter, generating a 140% increase in net profit, is a remarkable achievement. It looks like the streak is going to continue, as CEO Joe Megibow told analysts, "During April, we experienced a dramatic spike in online demand for our lineup of mattresses, as well as our ancillary products, led by seat cushions, pillows, and sheets," leading to triple-digit percentage increases in direct-to-consumer sales.

Thank you for joining Purple Innovation's first-quarter 2020 earnings call. Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made in this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements included in our first-quarter 2020 earnings release, which was furnished to the SEC today on Form 8-K, as well as, our filings with the SEC referenced in that disclaimer.

PURPLE INNOVATION INC (PRPL) delivered earnings and revenue surprises of 120.00% and 16.77%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?