1847 Goedeker and Appliances Connection Continue Record-Breaking Performance with Combined Proforma Revenue up 85% and $38M in January 2021
1847 Goedeker Inc. (NYSE American: GOED) reports record revenue growth in January. Revenue surged 68% year-over-year to $4.7 million, while Appliances Connection saw an impressive 88% increase to $33.3 million. On a combined basis, revenue reached $38.0 million, up 85% from the previous year. CEO Doug Moore expressed optimism for continued growth, despite industry supply shortages. The U.S. household appliance market, currently valued at $21 billion, is projected to grow at a CAGR of 13.7%, reaching $40 billion by 2025.
- Goedekers' revenue rose 68% YoY to $4.7 million in January.
- Appliances Connection's revenue jumped 88% to $33.3 million in January.
- Combined revenue of Goedekers and Appliances Connection increased 85% to $38.0 million.
- Continued supply shortages in the industry may impact order fulfillment.
1847 Goedeker Inc. (NYSE American: GOED) (“Goedekers” or the “Company”), a one-stop e-commerce destination for appliances and furniture, and Appliances Connection, a leading appliance retailer under a definitive agreement to be acquired by the Company, are pleased to report record revenue during January.
Key Highlights:
-
Goedekers’ revenue rose
68% year-over-year to$4.7 million in January, up from$2.8 million in January 2020 -
Appliances Connection’s revenue rose
88% to$33.3 million in January, up from$17.7 million in January 2020 -
On a pro forma combined basis, revenue rose
85% to$38.0 million in January 2021, up from$20.5 million in January 2020
“We are thrilled to report another strong month of revenue in January,” stated Doug Moore, CEO of Goedekers. “While industry supply shortages remain, we expect to see these constraints improve sequentially through mid-year, further strengthening order fulfillment abilities. Consumers continue to shift toward online appliance purchases, and we believe we are in a great position to meet this rapidly growing demand.”
Albert Fouerti, President of Appliances Connection, added, “We are extremely encouraged by the recent performance of both companies and remain excited about the potential to accelerate growth and strengthen margins once our companies are officially combined.”
The US household appliance market, estimated at
About 1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Since its founding in 1951, Goedekers has transformed from a local brick and mortar operation serving the St. Louis metro area to a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. While the Company maintains its St. Louis showroom, over
About Appliances Connection
Founded in 2000, Appliances Connection is one of the leading retailers of household appliances with a 200,000 square foot warehouse in Hamilton, NJ and a 23,000 square foot showroom in Brooklyn, New York. Appliances Connection carries many household name brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carries many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Wolf, Jenn-Air, Viking among others. Appliance Connection provides appliance installation services and appliance removal services. In addition to selling appliances, it also sells furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients.
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on 1847 Goedeker Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and 1847 Goedeker Inc. undertakes no duty to update such information except as required under applicable law.
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