Polished.com Discloses Estimated, Unaudited Net Sales and Provides Financial Outlook for Fiscal Year 2023
24 Abril 2023 - 7:00AM
Business Wire
Affirms Management Team Remains in Place and
Shares Additional Corporate Updates
Polished.com Inc. (NYSE American: POL) (formerly known as 1847
Goedeker Inc.) (“Polished” or the “Company”), a content driven and
technology enabled shopping destination for appliances and home
goods in the U.S. household appliances market, today announced that
its estimated, unaudited Net Sales for Fiscal Year 2022 are between
$519 million and $525 million and its estimated, unaudited Net
Sales for the first quarter of Fiscal Year 2023 are between $94
million and $96 million.
As reported previously, the Company’s Net Sales slowed in the
second half of 2022 and specifically throughout the fourth quarter.
Management attributes the decline to changes in consumer demand and
new management’s efforts to reduce inventory levels and high
advertising spending from previous quarters. That trend continued
into the first quarter of 2023. Notwithstanding, Net Sales for the
first quarter of 2023 were generally consistent with its operating
plan for 2023. It is worth noting that the first quarter of 2022
represented the Company’s strongest prior year quarterly gain due,
in part, to industry demand being at an all-time high. In the
coming quarters, management will continue to focus on restoring
customer acquisition costs to reasonable levels and improving
margins to historical levels through more disciplined supply chain
management and targeted merchandise campaigns.
For the year ahead, management’s plans are focused on driving
quarterly improvement throughout the year based on foundation
building and strategic initiatives to restore sustained, profitable
growth over the long-term. The Company expects to generate
annualized Net Sales of between $480 million and $520 million for
Fiscal Year 2023, with low-single-digit to mid-single-digit EBITDA
margins for Fiscal Year 2023. Polished expects to generate positive
cash flow in Fiscal Year 2023. These expectations are as of April
21, 2023, and remain subject to substantial uncertainty. Results
are unpredictable and may be materially affected by various
factors, such as the economy, inflation, interest rates, regional
labor markets, supply chain constraints and other variables.
Additional updates include:
- The Company’s management team, led by Chief Executive Officer
Rick Bunka and Chief Financial Officer Bob Barry, continues to
drive strategic change and restore stability to the entire
organization.
- Polished is reporting continued progress toward previously
disclosed timetables for releasing audited financial statements for
the periods of Fiscal Years 2021 and 2022 as well as unaudited
financials for the first quarter of Fiscal Year 2023. It reiterates
its plan to file all amended and/or past due financials with the
U.S. Securities and Exchange Commission by July 31, 2023, which is
required for continued listing on the NYSE American.
- Based on opportunities identified, the Company has developed
near-term plans to drive efficiencies and improve its
infrastructure. This includes beginning to consolidate its two New
Jersey fulfillment centers in July and starting to implement a new
enterprise resource planning (“ERP”) system in the fall.
- The Company continues to work closely with its lending bank,
and looks forward to maintaining the relationship over the
long-term.
- The Company’s Board of Directors and management continue to
work with independent advisors to evaluate strategic alternatives
and its long-term strategy. There is no assurance that this ongoing
process will result in any transaction or sale of the Company.
- The Company has officially completed its consolidation of the
Goedekers.com platform with AppliancesConnection.com, which is the
Company's flagship website and ecommerce shopping destination.
ABOUT POLISHED
Polished is a house of brands, which includes
AppliancesConnection.com, our flagship website and ecommerce
shopping destination. Polished is raising the bar, delivering a
world-class, white-glove shopping experience for home appliances.
From the best product selections from top brands to exceptional
customer service, we are simplifying the purchasing process and
empowering consumers as we provide a polished experience, from
inspiration to installation. A product expert helps customers get
inspired and imagine the space they want, then shares fresh ideas,
unbiased recommendations and excellent deals to suit the project's
budget and style. The goal is peace of mind when it comes to new
appliances. Polished perks include its "Love-It-Or-Return-It"
30-day policy, extended warranties, the ability to arrange for
delivery and installation at your convenience and other special
offers. Learn more by visiting our corporate website,
www.Polished.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 the Company'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. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties and other factors,
which are, in some cases, beyond the Company’s control and which
could materially affect results. Factors that may cause actual
results to differ materially from current expectations include,
among other things, those described more fully in the section
titled "Risk Factors" of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2021, and Quarterly Report on Form
10-Q for the quarter ended March 31, 2022, filed with the
Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
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