Benzinga | May 17, 2021 07:03AM EDT

Purple Innovation Raises FY21 Sales Guidance From $840M-$880M To $860M-$900M vs $860.97M Est., Sees Q2 Sales $200M-$210M vs $194.09M Est.

Based on first quarter results, the Company is raising its 2021 outlook. It now expects full year 2021 net revenue to be between $860 million and $900 million, up from its previous range of $840 million to $880 million. The new range represents an increase of 33% to 39% over 2020 results. Considering the first quarter results and recent trends indicating an even greater channel mix shift toward wholesale in the second quarter, adjusted EBITDA is now expected to be between $95 million and $105 million, up from its previous range of $90 million to $100 million.

The Company continues to expect capital expenditures for 2021 to be in the range of $45 to $50 million consisting primarily of approximately $20 million for the continued buildout of the Georgia manufacturing facility and $19 million related to the acceleration of showroom expansion, as well as expansion of wholesale displays and additional equipment for production and innovation facilities in Utah.

For the second quarter of 2021, the Company expects net revenue to be between $200 million to $210 million and adjusted EBITDA between $21 million and $25 million.