1847 Goedeker Continues Strong 2021 Performance with Monthly Record June Revenues up 47.8% to $55.7 Million

Rhea-AI Summary

On July 12, 2021, 1847 Goedeker Inc. (GOED) announced robust growth, with June 2021 monthly orders rising by 19.2% year-over-year to $73.2 million, while revenues increased 47.8% to $55.7 million. The company reported a fill rate of 76.1%, significantly improved from 61.4% in June 2020, indicating enhanced supply chain efficiency. Goedeker also revealed an asset purchase agreement with Appliance Gallery to bolster its luxury appliance retail segment, which will be funded through positive operating cash flow. The outlook remains optimistic as the company seeks continued momentum.

Positive

• June 2021 monthly orders rose 19.2% to $73.2 million.
• Monthly revenues for June 2021 increased by 47.8% to $55.7 million.
• Improved fill rate of 76.1%, up from 61.4% in June 2020.
• Acquisition of Appliance Gallery funded by positive operating cash flow.

Negative

• None.

ST. CHARLES, Mo., July 12, 2021 /PRNewswire/ --1847 Goedeker Inc. (NYSE American: GOED) ("Goedekers" or the "Company") and its Appliances Connection Business, the largest pure-play online retailer of household appliances in the U.S., is pleased to report continued strong growth with record monthly orders and revenue results. June 2021 monthly orders increased 19.2% from the prior year period to $73.2 million while June 2021 monthly revenues totaled $55.7 million, representing a 47.8% increase over the June 2020 results.

"We are incredibly pleased with the continued strong momentum during the first half of this year, as June marks a record performance for the organization," stated Doug Moore, CEO of Goedekers. "Throughout the past month, we have experienced a significantly improved fill rate of 76.1%, up from 61.4% in June of 2020, along with record shipments. We are encouraged by the sequential progress we made in revenue achievement versus orders as the fill rate of 76.1% is at its highest level for 2021. Suppliers continue to take steps to improve supply, although our fill rate has a significant opportunity for improvement beyond the 76% achieved in June.  Speed of delivery and the customer satisfaction levels for delivery remain at the forefront of our strategic plan."

Moore continued, "The first month of being a combined company went well.  As we continue to pursue our long-term goals and model of investments driving scalable profitable growth, we believe we are in a great position to continue this momentum through the balance of the year."

"Let me also add some detail on this week's acquisition announcement. We entered into an asset purchase agreement with Appliance Gallery, a highly regarded Largo, Florida-based luxury appliance retailer and will be able to pay the cash purchase price that is due at closing for the acquisition out of our positive operating cash flow. There will not be any offering or other financing associated with the transaction," concluded Moore.

About 1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedekers created the largest pure-play online retailer of household appliances in the US. With warehouse fulfillment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedekers is a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. Goedekers and Appliances Connection carry 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 and sells furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients. Learn more at www.Goedekers.com.

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" of the reports that we file 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.

Contacts:

Mike Houston
Lambert & Co.
646-475-2998
mhouston@lambert.com 

View original content:https://www.prnewswire.com/news-releases/1847-goedeker-continues-strong-2021-performance-with-monthly-record-june-revenues-up-47-8-to-55-7-million-301331184.html

SOURCE 1847 Goedeker Inc.

FAQ

What were Goedeker's June 2021 revenue results?

In June 2021, Goedeker's revenues totaled $55.7 million, a 47.8% increase from June 2020.

How much did Goedeker's monthly orders grow in June 2021?

Goedeker's monthly orders grew by 19.2% in June 2021, amounting to $73.2 million.

What is Goedeker's fill rate as of June 2021?

Goedeker reported a fill rate of 76.1% in June 2021, improved from 61.4% a year prior.

What acquisition did Goedeker announce in July 2021?

Goedeker announced an asset purchase agreement with Appliance Gallery, a luxury appliance retailer.

How will Goedeker fund its acquisition of Appliance Gallery?

The acquisition will be funded through Goedeker's positive operating cash flow, without additional financing.