By Dean Seal


Polished.com has slashed its revenue guidance for fiscal 2023, citing pressured consumer spending, and disclosed that regulators are investigating a previous financial restatement it made.

The Brooklyn, N.Y.-based company, which bills itself as a content-driven shopping destination for appliances and home goods, cut its annual revenue outlook by $20 million at the midpoint, to a range of $315 million to $325 million.

The company said macroeconomic headwinds continue to weigh on discretionary spending, pulling its top line lower.

Polished.com also disclosed on Tuesday that the U.S. Securities and Exchange Commission is conducting an investigation into the findings of an audit committee investigation and a subsequent restatement of the company's financial statements for the fiscal year ended Dec. 31, 2021.

The company said it is cooperating with the SEC's investigation.

In the same securities filing, Polished.com said it has received a notice late last month from lenders asserting default over nonpayment under a May 2022 credit agreement. The company said it is seeking a resolution with the lenders and will defend against any potential enforcement action they may take.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

02-13-24 1222ET