1847 Goedeker and Appliances Connection Continue Strong Growth With February Orders up 130% and 90% Respectively

Rhea-AI Summary

1847 Goedeker Inc. (GOED) reported significant order growth in February, driven by strong consumer demand for online appliance purchases. Orders increased by 130% year-over-year to $10.5 million, up from $4.6 million in February 2020. Appliances Connection, a company that Goedekers is acquiring, saw order growth of 90% to $43 million, compared to $22 million a year earlier. CEO Doug Moore highlighted the transition to a direct-to-consumer model, while Appliances Connection's President praised their sales staff's performance.

Positive

• Orders for Goedekers increased by 130% year-over-year to $10.5 million in February.
• Appliances Connection's orders rose by 90% to $43 million in February.
• Strong order growth indicates a successful transition to a direct-to-consumer retail model.

Negative

• None.

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 continued strong order growth in February.

Key Highlights:

• Goedekers’ orders rose 130% year-over-year to $10.5 million in February, up from $4.6 million in February 2020
• Appliances Connection’s orders rose 90% to $43 million in February up from $22 million in February 2020

“We are excited to continue our strong start to 2021 with another month of near-record orders,” stated Doug Moore, CEO of Goedekers. “Order growth outpaced an increase in marketing spend, driving Goedekers and Appliances Connection to generate 130% and 90% growth, respectively, in orders in February, which confirms to us the ongoing transition in consumer preference for the direct-to-consumer appliance retail operating model.”

“Consumer demand for online purchases of our appliances continues to grow,” added Albert Fouerti, President of Appliances Connection. “We are extremely encouraged by our ability to meet this increasing demand and are thrilled with the performance of both companies’ sales support staff who are doing an amazing job of servicing our growing customer bases.”

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 90% of sales are placed through its website (www.Goedekers.com).Goedekers provides visitors an easy to navigate shopping experience and offers more than 156,000 items organized by category and product features. Learn more at www.Goedekers.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005468/en/

FAQ

What were Goedekers' order growth figures for February 2021?

In February 2021, Goedekers' orders rose 130% year-over-year to $10.5 million.

How much did Appliances Connection's orders increase in February 2021?

Appliances Connection's orders increased by 90% to $43 million in February 2021.

What is the significance of Goedekers' order growth?

The order growth indicates a strong transition in consumer preference towards direct-to-consumer appliance retail.

What year-over-year growth did Goedekers report for February compared to 2020?

Goedekers reported a year-over-year growth of 130% in orders for February 2021 compared to February 2020.

What strategic move is Goedekers making in 2021?

Goedekers is acquiring Appliances Connection, as part of its strategy to enhance its e-commerce offerings.