PURPLE INNOVATION Reports Total Revenue of USD 120.9 Million for Q2 FY2023, Showing 16.1% Decrease from Previous Year
August 12, 2023
☀️Earnings Overview
On June 30 2023, PURPLE INNOVATION ($NASDAQ:PRPL) revealed their total revenue for the second quarter of FY2023, which amounted to USD 120.9 million, a decrease of 16.1% compared to the same period in the previous year. The company reported a net income of -37.5 million for the quarter, which is an increase in the loss of -8.3 million in the same quarter last year.
Analysis
GoodWhale has provided an analysis of PURPLE INNOVATION, which reveals that the company has an intermediate health score of 4 out of 10 based on its cashflows and debt. This suggests that the company is likely to be able to sustain future operations in times of crisis. Furthermore, the analysis classifies PURPLE INNOVATION as an ‘elephant’ company, meaning that it is wealthy in assets after deducting off liabilities. In terms of investments, PURPLE INNOVATION is particularly strong in asset management, growth, and profitability. However, it is weak in dividend yield, so investors interested in this company should take that into consideration. It is worth noting that PURPLE INNOVATION has a medium score in all the aforementioned areas, indicating a balanced approach. Therefore, investors who are looking for a balanced company should consider investing in PURPLE INNOVATION. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Purple Innovation. More…
| Total Revenues | Net Income | Net Margin |
| 518.65 | -128.66 | -24.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Purple Innovation. More…
| Operations | Investing | Financing |
| -14.02 | -14.27 | 14.07 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Purple Innovation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 400.69 | 223.12 | 1.68 |
Key Ratios Snapshot
Some of the financial key ratios for Purple Innovation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -0.7% | 66.1% | 17.8% |
| FCF Margin | ROE | ROA |
| -6.2% | 29.6% | 14.4% |
Peers
In recent years, the market for online retail has seen unprecedented growth. This has led to increased competition among companies in the industry. One such company is Purple Innovation Inc, which has seen its share of the market grow significantly in recent years. However, it faces stiff competition from the likes of 888 Holdings PLC, JLA Infraville Shoppers Ltd, and Lvji Technology Holdings Inc.
– 888 Holdings PLC ($LSE:888)
848 Holdings PLC is a gaming company that owns and operates online gaming websites. The company has a market cap of 407.95M as of 2022 and a Return on Equity of 9.83%. 848 Holdings PLC operates in the following segments: Online Gaming, Sports Betting, and Other. The Online Gaming segment offers casino games, poker, and bingo. The Sports Betting segment offers sports betting, horse racing, and greyhound racing. The Other segment includes media, gaming machines, and other businesses.
– JLA Infraville Shoppers Ltd ($BSE:538765)
JLA Infraville Shoppers Ltd is a company that operates in the retail sector. It has a market cap of 21.16M as of 2022 and a Return on Equity of 0.77%. The company was founded in 2006 and is headquartered in Mumbai, India. JLA Infraville Shoppers Ltd operates a chain of retail stores in India. It offers a range of products including groceries, apparel, electronics, and home furnishings. The company has a network of over 1,000 stores across India.
– Lvji Technology Holdings Inc ($SEHK:01745)
Lujji Technology Holdings Inc is a holding company that operates in the technology sector. It has a market capitalization of 636.69 million as of 2022 and a return on equity of -52.71%. The company’s primary businesses are in the areas of semiconductor design, software development, and information technology services. Lujji Technology Holdings Inc is headquartered in Santa Clara, California.
Summary
PURPLE INNOVATION reported total revenue for the second quarter of FY2023 amounting to USD 120.9 million, a decrease of 16.1% from the same period in the previous year. Net income for the quarter was USD -37.5 million, compared to a loss of -8.3 million in the same quarter last year. The stock price moved down following this news, indicating a negative outlook for investors.
PURPLE INNOVATION’s weak financial results and declining share price suggest that long-term investors should reconsider their investments in the company. The company may need to take significant corrective measures to ensure future profitability and growth.
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