BALLWIN, Mo.--(BUSINESS WIRE)--1847 Goedeker Inc. (NYSE American: GOED) (“Goedekers” or the “Company”) and its Appliances Connection business, the largest pure-play online retailer of household appliances in the US, are pleased to report continued strong order and revenue growth in April.
April Written Orders:
- Goedekers’ written orders for April rose 85% year-over-year to $12.2 million
- Appliances Connection’s written orders for April rose 103% to $70.7 million
- On a pro forma combined basis, written orders for April rose 100% to $82.9 million
- Goedekers’ April revenue rose 56% year-over-year to $5.6 million
- Appliances Connection’s April revenue rose 161% to $39.6 million
- On a pro forma combined basis, April revenue rose 140% to $45.2 million
“We are thrilled to report an exceptional start to the second quarter, with our combined operations surpassing a $500 million annual revenue run rate,” stated Doug Moore, CEO of Goedekers. “We believe that we have established a great track record of driving order growth and consumer demand for online appliance purchases to continue to grow. With our new fulfillment center now in operation, which triples our capacity, combined with recent inventory purchases and infrastructure improvements, as well as the completion of the Appliances Connection acquisition, we believe that we are operating from a strong foundation, and I remain confident we are well on-track to building a billion-dollar business.”
“With the acquisition now complete, we have begun the process of creating a better structured operation to efficiently capitalize on the rapidly growing direct-to-consumer, or DTC, market for online appliance purchases,” Albert Fouerti, President of Goedekers. “I believe we are now in a great position to accelerate market share growth, making a formidable force in the consumer appliances market.”
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. Through its June 2021 acquisition of Appliances Connection, Goedekers created the largest pure-play online retailer of household appliances in the US. With warehouse fulfillment 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.