1847 Goedeker Inc. (GOED) Revenue Up 41.9% in May to $44.3M

1847 Goedeker Inc. (NYSE American: GOED) (“Goedekers” or the “Company”), the largest pure-play online retailer of household appliances in the US, is pleased to report continued strong growth with record revenue for the month of May 2021, up 41.9% from May 2020 to $44.3 million on May 2021 written orders of $72.6 million.

“We continue to operate at more than a $500 million annual revenue run rate through May. While our fill rate of 61% remains well below our historical 85% rate, we continue to believe we will see a return to normal shipping trends as manufacturers catch production up to consumer demand in the latter part of the third quarter,” stated Doug Moore, CEO of Goedekers. “We are now two weeks past the official closing of our Appliances Connection acquisition, and as a combined company, we are executing on a proven direct-to-consumer, or DTC, model of current investment driving scalable growth, and as such, plan to further expand our fulfillment capabilities with the addition of fulfilment centers in key markets, enabling us to further speed up processing times and better serve customers nationally. Current plans are accelerating to open facilities in Texas, California, and Florida, and we anticipate announcing more details regarding the addition of a third facility in the coming weeks.”

“Building on logistics and shipping optimization already underway prior to the close of the deal, as well as ongoing integration of logistics and other key operations, we are implementing a series of initiatives with key vendors to increase shipping speed to customers, cut costs, and increase margins,” said Albert Fouerti, President and Founder of Appliances Connection. “I believe the integration steps underway will fortify our position to accelerate market share growth, making us a formidable force in the consumer appliances market as we change the way Americans shop for appliances.”

The US household appliance market, estimated at $22.9 billion and growing at a 13.7% CAGR, is expected to reach $40 billion by 2025.

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