Purple Innovation (NASDAQ: PRPL) reported Q1 EPS of $0.11, $0.06 better than the analyst estimate of $0.05. Revenue for the quarter came in at $122.4 million versus the consensus estimate of $106.97 million.

First Quarter Results

• Net loss available to common shareholders was $0.30 per share, or $27.4 million, compared to net income available to common shareholders of $0.66 per share, or $61.7 million, for the prior year period. The current year period was impacted by a non-cash impairment charge totaling $45.7 million, or $0.47 per share, related to the Company's outlet center in Manshantucket, CT (Foxwoods). The prior year period is inclusive of a gain on the sale of four outlet centers totaling $43.4 million, or $0.44 per share.
• Funds From Operations ("FFO") and Core Funds From Operations ("Core FFO") available to common shareholders were both $0.50 per share, or $48.7 million, compared to $0.57 per share, or $55.9 million, for the prior year period.

"Our first quarter performance improved significantly year-over-year despite the challenges created by the COVID-19 pandemic," said Joe Megibow, Chief Executive Officer. "We entered the new year with great momentum in our business and strategies in place to build on our recent performance. The outbreak of COVID-19 in mid-March significantly disrupted our plans, particularly for our wholesale channel as most states enacted temporary shutdowns of non-essential businesses and shelter-at-home directives. We reacted quickly to the changing environment by scaling back mattress production, furloughing employees, postponing investments in capacity and retail showroom expansion, and deferring executive and board compensation to preserve liquidity and pivoting the majority of our time and resources to our digital channel to capitalize on the accelerated shift towards online purchasing. Our recent actions have contributed to a strong start to the second quarter highlighted by a triple digit percentage increase in DTC sales and significant cash generation for the month of April."

Outlook

For the year ending December 31, 2020, the Company previously withdrew guidance as a result of uncertainty due to the COVID-19 pandemic. Due to the continued uncertainty in the overall economy, the Company is not providing an update at this time.

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