Welcome to our dedicated page for Purple Innovation news (Ticker: PRPL), a resource for investors and traders seeking the latest updates and insights on Purple Innovation stock.
Purple Innovation, Inc. (NASDAQ: PRPL), a trailblazer in the comfort technology sector, designs, manufactures, and sells a diverse range of innovative products aimed at enhancing sleep and overall comfort. Established by aeronautical engineer Tony Pearce and distinguished engineer Terry Pearce, Purple revolutionized the industry with their Smart Comfort Grid™, a breakthrough in cushioning and pressure relief technology. This invention has become the foundation of Purple’s extensive product line, including mattresses, pillows, cushions, sheets, bed platforms, and more.
Purple’s product range is highlighted by its patented GelFlex® Grid Technology, designed to provide superior comfort by adapting to body movements, balancing temperature, relieving pressure, and offering essential support. This technology is integrated into Purple’s Essential, Premium, and Luxe Collections of mattresses, each crafted to cater to different sleep preferences and needs.
The company markets its products through multiple channels: its own website, direct-to-consumer online sales, physical Purple showrooms, and partnerships with traditional wholesale and third-party online retailers. Purple’s commitment to comfort and innovation is further exemplified by the recent launch of its Premium and Premium Plus Smart Bases, which pair with Purple mattresses to deliver adjustable sleep solutions that enhance overall wellness and comfort.
Financially, Purple has faced challenges due to market conditions and transitioning to new product lines, but it remains resilient. The company reported a net revenue of $510.5 million in 2023, despite a 10.9% decrease from 2022, attributed to the soft demand for home-related goods. Efforts to streamline operations and focus on higher-margin products are underway, showing promise for future profitability.
Recently, Purple entered into a settlement agreement with Tempur Sealy International, Inc., reaffirming its valid patent and trademark rights while securing a minimum 12-month partnership with Mattress Firm, subject to FTC approval of Tempur Sealy's acquisition of Mattress Firm. This move signifies Purple's strategic efforts to maintain and expand its market presence.
Purple’s forward-looking strategy is centered around its “Path to Premium Sleep” initiative, which includes launching new products and enhancing brand positioning to secure its place in the premium and luxury sleep market. With a strengthened financial foundation and ongoing innovations, Purple is poised to continue its mission to improve the lives of people through superior comfort technology.
Purple Innovation, Inc. (NASDAQ: PRPL) reported a 7.2% increase in Q4 2021 net revenue to $186.4 million, with wholesale revenue up 35.9% year-over-year. However, DTC revenue declined by 4.0%. The gross margin dropped to 34.7%, and operating loss was $(31.1) million. For the full year, net revenue reached $726.2 million, a 12.0% increase from 2020. Adjusted EBITDA stood at $(13.1) million. The company expects 2022 revenue between $790-$830 million and adjusted EBITDA between $26-$33 million. Rob DeMartini has been appointed permanent CEO, focusing on improving operations.
Purple Innovation, Inc. (NASDAQ: PRPL) announced the appointment of Robert T. DeMartini as Acting Chief Executive Officer, effective immediately. DeMartini replaces Joseph B. Megibow, who is transitioning to an advisory role. The Board expresses confidence that this leadership change will sharpen execution and enhance long-term growth strategies. DeMartini, previously CEO of New Balance, aims to leverage his experience to expand market share. However, the company anticipates net revenue and Adjusted EBITDA at the low end of prior guidance for 2021.
Purple Innovation (NASDAQ: PRPL) is collaborating with nonprofits this holiday season to aid families in transitional housing. The company donated over $400,000 in bedding, including 3,000 pillow sets and 3,000 twin sheets, to Miry's List for distribution across a coalition of 12 organizations helping Afghan refugees. Purple also initiated a Comfort Bag donation drive for children in foster care, aiming to improve lives through comfort solutions. Since 2021, Purple has contributed over 30,158 comfort products to various nonprofits.
Purple Innovation, Inc. (NASDAQ: PRPL) reported a third quarter net revenue decline of 8.7% to $170.8 million compared to 2020, though up 45.5% from 2019. Wholesale revenue increased 9.6% year-over-year while Direct-to-Consumer (DTC) fell 15.9%. Gross profit was 35.8% versus 47.2% in 2020. The company noted ongoing manufacturing backlogs adversely impacting sales and missed pricing opportunities. However, a new agreement with Mattress Firm aims to expand sales, and new manufacturing technology is expected to enhance capacity. Expectations for 2021 revenue are between $720 and $740 million.
Purple Innovation, Inc. (NASDAQ: PRPL) has announced a change in the timing of its earnings conference call for Q3 2021, now set for November 9, 2021, at 4:30 p.m. ET. Investors and analysts can participate by calling 866-269-4260 domestically or 929-477-0591 internationally, using Conference ID: 5317137. A replay will be available until November 23, 2021, and a webcast will remain accessible for 30 days post-call. Purple continues to focus on innovative comfort solutions, leveraging over 25 years of proprietary technology.
Purple Innovation, Inc. (NASDAQ: PRPL) will announce its third quarter 2021 financial results on November 9, 2021, at 7:00 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss these results. Interested participants can join by dialing (844) 826-3033 domestically or (412) 317-5185 internationally, using Conference ID: 10161746. A replay of the call will be available until November 23, 2021. Purple focuses on innovative comfort solutions, offering products like mattresses and cushions, and is recognized for its proprietary Hyper-Elastic Polymer technology.
Purple Innovation, Inc. (NASDAQ: PRPL) has appointed Jack Roddy as the new Chief People Officer, responsible for human resources, culture, talent acquisition, and diversity initiatives. With over 25 years of experience in organizational development, Roddy previously served as Chief People Officer at VASA Fitness and Chief HR Officer at SeaWorld Parks & Entertainment. CEO Joe Megibow expressed enthusiasm about leveraging Roddy's experience to enhance company culture as Purple scales.
Purple Innovation, Inc. (NASDAQ: PRPL) announced that CEO Joe Megibow and interim CFO Bennett Nussbaum will participate in the Raymond James 2021 Consumer Conference on September 14, 2021, at 11:40 am Eastern Time. The event will feature a fireside chat presentation broadcasted live on the internet at investors.purple.com. Purple is known for its innovative comfort solutions, primarily its Purple® Mattress, leveraging over 25 years of proprietary technology development.
Purple Innovation, Inc. (NASDAQ: PRPL) announced the separation of its Chief Financial Officer, Craig Phillips, effective August 31, 2021. An executive search firm has been engaged to find his successor. Bennett Nussbaum has been appointed as the interim CFO, bringing over 45 years of experience from leadership roles at Pepsi-Cola International, Burger King, and FedEx Office. The company assures that Phillips' departure is unrelated to operational or financial issues.
Purple Innovation, Inc. (NASDAQ: PRPL) announced Q2 2021 results, showcasing a 10.6% increase in net revenue to $182.6 million, compared to $165.1 million in Q2 2020. Wholesale revenue surged by 233.2%, while Direct-to-Consumer revenue decreased 19.9%. Gross margin declined to 44.7% from 49.4% in 2020. Operating loss stood at $(2.5) million vs. a profit of $32.0 million in 2020. The company's outlook estimates 2021 net revenues between $820 million and $850 million, an increase of 26% to 31% over 2020.
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