Purple Innovation reports Q2 adjusted EPS (20c), consensus (11c)

Reports Q2 revenue $120.9M, consensus $131.83M. “This was an important quarter for Purple Innovation, marked by the largest product and brand refresh in the company’s history as we introduced 11 all-new, innovative products supported by a more premium brand position,” said CEO Rob DeMartini. “This new ‘Path to Premium Sleep’ strategy, while not immediately evident in our topline results due to the mid-quarter timing of the launch and ongoing industry-wide pressures, demonstrated several positive indications to reinforce that we have set the right course for the next stage of growth for the Company. June, the first full month with our new product in-market, was the strongest month of 2023 with a revenue run rate up 18% to the first 5 months of the year, and we’ve seen that momentum continue into the third quarter. This budding momentum, along with the continued rollout of our new product with additional wholesale partners in the coming months, positions us to deliver improved results in the second half of the year.”