1847 Goedeker Continues Strong Q2 Performance with Record Revenue Up 41.9% in May to $44.3M on a Combined Proforma Basis
16 Junho 2021 - 9:01AM
Business Wire
1847 Goedeker Inc. (NYSE American: GOED) (“Goedekers” or the
“Company”), the largest pure-play online retailer of household
appliances in the US, is pleased to report continued strong growth
with record revenue for the month of May 2021, up 41.9% from May
2020 to $44.3 million on May 2021 written orders of $72.6
million.
“We continue to operate at more than a $500 million annual
revenue run rate through May. While our fill rate of 61% remains
well below our historical 85% rate, we continue to believe we will
see a return to normal shipping trends as manufacturers catch
production up to consumer demand in the latter part of the third
quarter,” stated Doug Moore, CEO of Goedekers. “We are now two
weeks past the official closing of our Appliances Connection
acquisition, and as a combined company, we are executing on a
proven direct-to-consumer, or DTC, model of current investment
driving scalable growth, and as such, plan to further expand our
fulfillment capabilities with the addition of fulfilment centers in
key markets, enabling us to further speed up processing times and
better serve customers nationally. Current plans are accelerating
to open facilities in Texas, California, and Florida, and we
anticipate announcing more details regarding the addition of a
third facility in the coming weeks.”
“Building on logistics and shipping optimization already
underway prior to the close of the deal, as well as ongoing
integration of logistics and other key operations, we are
implementing a series of initiatives with key vendors to increase
shipping speed to customers, cut costs, and increase margins,” said
Albert Fouerti, President and Founder of Appliances Connection. “I
believe the integration steps underway will fortify our position to
accelerate market share growth, making us a formidable force in the
consumer appliances market as we change the way Americans shop for
appliances.”
The US household appliance market, estimated at $22.9 billion
and growing at a 13.7% CAGR, is expected to reach $40 billion by
2025.
About 1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination
for appliances, furniture, and home goods. Through its June 2021
acquisition of Appliances Connection, Goedekers created the largest
pure-play online retailer of household appliances in the US. With
warehouse fulfilment centers in the Northeast and Midwest, as well
as showrooms in Brooklyn, New York, and St. Louis, Missouri,
Goedekers is a respected nationwide omnichannel retailer that
offers one-stop shopping for national and global brands. Goedekers
and Appliances Connection carry many household name-brands,
including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung,
and also carries many major luxury appliance brands such as Miele,
Thermador, La Cornue, Dacor, Ilve, Wolf, Jenn-Air, Viking among
others and sells furniture, fitness equipment, plumbing fixtures,
televisions, outdoor appliances, and patio furniture, as well as
commercial appliances for builder and business clients. Learn more
at www.Goedekers.com.
Forward Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on 1847 Goedeker
Inc.’s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
These and other risks and uncertainties are described more fully in
the section titled “Risk Factors” of the reports that we file with
the Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and 1847
Goedeker Inc. undertakes no duty to update such information except
as required under applicable law.
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Dave Gentry, CEO RedChip Companies Office: 1.800.RED.CHIP
(733.2447) Cell: 407.491.4498 dave@redchip.com
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