1847 Goedeker and Appliances Connection Report Record Orders and Shipments in December

Rhea-AI Summary

1847 Goedeker Inc. (NYSE American: GOED) announced record orders and shipped orders for December. Orders increased by 82% year-over-year to $11.1 million, with shipped orders rising 18% to $6.0 million. Appliances Connection, which is under agreement to be acquired by Goedekers, saw its orders surge 105% to $39.8 million, with shipped orders up 37% to $29.0 million. CEO Doug Moore noted improving supply conditions, while President Albert Fouerti highlighted significant growth in premium categories and increasing consumer engagement.

Positive

• Goedekers orders increased 82% year-over-year to $11.1 million in December.
• Shipped orders rose 18% to $6.0 million.
• Appliances Connection's orders grew 105% to $39.8 million.
• Shipped orders for Appliances Connection increased 37% to $29.0 million.
• Significant growth in premium and luxury categories.

Negative

• Supply shortages remain below historical norms for 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 orders and record shipped orders during December.

Key Highlights:

• Goedekers orders rose 82% year-over-year to $11.1 million in December with shipped orders increasing 18% to $6.0 million
• Appliances Connection’s order rose 105% to $39.8 million in December with shipped orders increasing 37% to $29.0 million

“Our strong performance continued in December, which we believe shows that our approach to the market resonates with more consumers every month. Supply shortages eased but still stand well below historical norms for order fulfillment. We expect sequential supply improvement throughout the first and second quarters,” stated Doug Moore, CEO of 1847 Goedeker.

Albert Fouerti, President of Appliances Connection, added, “We are seeing incredible growth in our premium and luxury categories. We are experiencing more website traffic and phone calls than ever before, coupled with record breaking conversion rates.”

About 1847 Goedeker Inc.

1847 Goedeker 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/20210126005629/en/

FAQ

What were Goedekers' December orders for 2023?

Goedekers' orders in December 2023 rose by 82% year-over-year, totaling $11.1 million.

How much did Appliances Connection's orders increase in December?

Appliances Connection's orders saw a remarkable increase of 105% to $39.8 million in December.

What was the report on supply shortages from Goedekers?

Goedekers noted that supply shortages eased but still remain below historical norms for order fulfillment.

What is the significance of Goedekers' recent performance?

The strong performance reflects Goedekers' market strategy resonating well with consumers and indicates potential for continued growth.

How did the December performance impact Goedekers and Appliances Connection?

Both companies reported record orders and shipment increases, suggesting robust demand and growth in the e-commerce appliance market.