Casper Sleep Inc (NYSE: CSPR) said on Tuesday its revenue in the fiscal second quarter came in better than expected. Shares of the company, however, tanked more than 10% this morning as investors focused on the quarterly loss that missed estimates.
Financial performance
Casper Sleep reported $33.7 million of net loss for the second quarter that translates to 81 cents per share. Including a one-time $17.5 million lease write-off charge, the NYSE-listed company noted a 39.4% annualised increase in quarterly net loss.
On an adjusted basis, the New York-based company lost 39 cents per share. Casper Sleep generated a record $151.8 million of revenue in the recent quarter that represents a year over year growth of 44.6%. In comparison, analysts had called for $150.8 million of revenue and 34 cents of adjusted per-share loss.
Guidance for Q3
For the fiscal third quarter, Casper Sleep now forecasts up to $159 million of revenue. The sleep products company expects to remain in $19.6 million to $22.6 million of loss in Q3. On an adjusted basis, Casper Sleep predicts up to $12.5 million of EBITDA loss in the current quarter.
Casper Sleep valued its cash and equivalents at $49.7 million as of 30th June. Other notable figures included a 31.3% growth in direct-to-consumer revenue and a 78.9% increase in retail partnership revenue.
The earnings report comes weeks after Casper Sleep partnered with Bed Bath & Beyond.
CEO Philip Krim’s remarks
Commenting on the financial update, CEO Philip Krim said:
“The extended constraints and inflationary pressures in raw materials, freight and labor across our supply chain significantly hampered our ability to meet the full extent of the record level of demand. We are taking aggressive measures to offset these challenges, including further diversifying and expanding our supplier base, leveraging our growing scale to negotiate preferential rates and implementing price increases. The overall industry environment remains strong, and with manufacturing capacity anticipated to ramp up later this year, we expect to fulfil the growing demand and enable us to improve gross profit margin in 2022.”
The post Here’s why Casper Sleep shares are down more than 10% on Tuesday appeared first on Invezz.
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