Purple Innovation (PRPL) Oppenheimer's 24th Annual Virtual Consumer Growth and E-Commerce Conference summary

Industry and consumer trends

• Demand in the mattress industry remains weaker than last year, impacted by a challenged housing market and higher interest rates.

• Focus remains on outgrowing the industry and taking market share despite broader market softness.

• Consumers, especially millennials, are showing increased willingness to invest in health and wellness, including premium mattresses.

Product innovation and lineup

• Launched a new premium and luxury mattress line in May 2023, expanding price points from $1,000 to $7,500.

• Broader product range has improved customer reach, margins, and ability to trade up consumers.

• Expanded pillow lineup to drive purchase frequency and introduce more customers to Gel Grid technology.

• Ongoing R&D pipeline will continue to refresh the lineup, though no major launches expected in 2024.

Sales performance and outlook

• Q1 revenue grew 12.5%, aided by easier comparisons, with expectations for continued outperformance versus the market.

• Brand awareness and acceptance are increasing, supporting sustained growth.