Purple Innovation (PRPL) Reports Q3 Loss of $0.09, Revenues Miss; Offers FY18 Revenue Guidance Below Consensus

Purple Innovation (NASDAQ: PRPL) reported Q3 EPS of ($0.09), versus $0.00 reported last year. Revenue for the quarter came in at $70.8 million versus the consensus estimate of $86.2 million.

"Consumer response for the Purple brand and our differentiated mattress offering continues to gain momentum," said Joe Megibow, Chief Executive Officer. "Memorable marketing campaigns and viral customer promotion have allowed the Company to quickly establish a strong presence and expand into traditional brick and mortar retail. Our success is also a direct result of not only the patent protected manufacturing capabilities developed internally, but also manufacturing domestically. While the organization has experienced challenges typical of a young, fast-growing company, we believe they are mostly execution related and not core to brand or product. Over the coming months, we plan to implement new systems and processes aimed at improving efficiencies in all areas of the business. I am confident that we can capitalize on the many growth opportunities that exist for Purple while generating sustained profitability and increased shareholder value over the long-term."

GUIDANCE:

Purple Innovation sees FY2018 revenue of $283-287 million, versus the consensus of $318 million.

For earnings history and earnings-related data on Purple Innovation (PRPL) click here.

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