PRPL - Purple Innovation stock plunges on disappointing pre-announcement

Purple Innovation Inc. ( NASDAQ: PRPL ) stock slipped on Monday after pre-announcing below consensus full-year results.

The company is currently projecting net sales of approximately $574M for 2022, toward the low-end of prior guidance of $570M to $590M. The figure also comes in below the $579.79M expected by analysts. Management also expects a net loss between $97.5M and $83.7M for the full year.

“While our fourth quarter top-line performance was encouraging, industry headwinds, in particular the impact of inflation on consumer discretionary spending and a highly promotional environment during the holiday season, put some additional pressure on gross margins and profitability,” CEO Rob DeMartini commented.

Shares of the Utah-based mattress manufacturer fell 3.57% shortly after Monday’s market open.

Read more on the company’s new product lineup for 2023 .

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