New York-based Casper Sleep Inc. posted a narrower than expected loss in the fourth quarter of 2020. It totaled $15 million, or $0.37 per share, after a loss of $25.6 million, or $2.41 per share, in the prior-year quarter. Sales totaled $150.3 million, an 18.4% increase compared with the fourth quarter of 2019.
RESULTS
Casper 4th Quarter
Net income
-$15 million
Net sales
$150.3 million
Casper Full-Year 2020
Net income
-$89.5 million
Net sales
$497 million
According to Business Insider, the FactSet consensus was for a loss of $0.39 per share and quarterly revenue of $138 million.
For full-year 2020, Casper reported a net loss of $89.5 million, compared with a loss of $93 million in 2019. Full-year net sales rose 13.1% to a record $497 million.
“Casper finished 2020 strongly with record revenue for both the fourth quarter and the full year,” said Chief Executive Officer Philip Krim. “Fourth-quarter revenue growth was driven by 43% year-over-year growth in North American retail partnership revenue and 19% growth in North American direct-to-consumer revenue, which resulted in an 80% year-over-year improvement in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). Despite the pandemic, we were able to deliver 17.4% North American revenue growth for the full-year 2020, and we expect top-line growth to accelerate in 2021 with positive adjusted EBITDA in the second half of the year.”
