1847 Goedeker & Appliances Connection Continue Record-Breaking Performance with Combined Proforma Revenue up 85% & $38M in Ja...
February 25 2021 - 8:00AM
Business Wire
1847 Goedeker Inc. (NYSE American: GOED) (“Goedekers” or the
“Company”), a one-stop e-commerce destination for appliances and
furniture, and Appliances Connection, a leading appliance retailer
under a definitive agreement to be acquired by the Company, are
pleased to report record revenue during January.
Key Highlights:
- Goedekers’ revenue rose 68% year-over-year to $4.7 million in
January, up from $2.8 million in January 2020
- Appliances Connection’s revenue rose 88% to $33.3 million in
January, up from $17.7 million in January 2020
- On a pro forma combined basis, revenue rose 85% to $38.0
million in January 2021, up from $20.5 million in January 2020
“We are thrilled to report another strong month of revenue in
January,” stated Doug Moore, CEO of Goedekers. “While industry
supply shortages remain, we expect to see these constraints improve
sequentially through mid-year, further strengthening order
fulfillment abilities. Consumers continue to shift toward online
appliance purchases, and we believe we are in a great position to
meet this rapidly growing demand.”
Albert Fouerti, President of Appliances Connection, added, “We
are extremely encouraged by the recent performance of both
companies and remain excited about the potential to accelerate
growth and strengthen margins once our companies are officially
combined.”
The US household appliance market, estimated at $21 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. Since its founding in
1951, Goedekers has transformed from a local brick and mortar
operation serving the St. Louis metro area to a respected
nationwide omnichannel retailer that offers one-stop shopping for
national and global brands. While the Company maintains its St.
Louis showroom, over 90% of sales are placed through its website
(www.Goedekers.com). Goedekers
provides visitors an easy to navigate shopping experience and
offers more than 156,000 items organized by category and product
features. Learn more at www.Goedekers.com.
About Appliances Connection
Founded in 2000, Appliances Connection is one of the leading
retailers of household appliances with a 200,000 square foot
warehouse in Hamilton, NJ and a 23,000 square foot showroom in
Brooklyn, New York. Appliances Connection carries 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. Appliance Connection provides appliance
installation services and appliance removal services. In addition
to selling appliances, it also sells furniture, fitness equipment,
plumbing fixtures, televisions, outdoor appliances, and patio
furniture, as well as commercial appliances for builder and
business clients.
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” in the final prospectus related
to the public offering filed 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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