Casper Sleep Inc. (CSPR) Tops Q2 EPS by 15c, Revenues Beat

Casper Sleep Inc. (NYSE: CSPR) reported Q2 EPS of ($0.61), $0.15 better than the analyst estimate of ($0.76). Revenue for the quarter came in at $110.2 million versus the consensus estimate of $104.75 million.

Second Quarter 2020 Financial Highlights (as compared to the quarter ended June 30, 2019)

• Revenue increased 15.7% to $110.2 million;
• Direct-to-Consumer Revenue increased 5.0% to $81.0 million despite very modest owned store sales;
• Retail Partnership Revenue increased 61.1% to $29.2 million;
• Gross Profit increased 22.2% to $57.1 million with gross margin of 51.8%, up 280 basis points;
• Net Loss improved $2.7 million to $24.2 million;
• Adjusted EBITDA improved by $11.2 million or 50% to a loss of $11.4 million; and
• Cash and cash equivalents of $98.2 million at quarter end.

Philip Krim, Chief Executive Officer, commented: “We achieved record e-commerce revenues in Q2 while making significant progress toward profitability, which is well ahead of our expectations. Our adaptable multi-channel business has allowed us to continue to meet the needs of more consumers and capture market share in a challenging environment.

“Our revenue grew 16% reflecting the positive momentum in both our Retail Partnership and Direct-to-Consumer channels despite very modest sales in our retail stores in the quarter. Notably, it was a great quarter for our Retail Partnership channel, which increased revenue by 61%.

“As this quarter’s performance demonstrated, we are executing against our strategic and operational plan and we expect to continue delivering growth, gaining market share, achieving operating leverage and improving profitability.”

For earnings history and earnings-related data on Casper Sleep Inc. (CSPR) click here.

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