BUSINESS Mattress giant Casper to go public despite spooky red ink By Thornton McEnery January 10, 2020 | 5:34pm Enlarge Image Casper co-founder Philip KrimGetty Images MORE ON: RETAILERS L Brands stock rises despite Victoria’s Secret sales drop Super Saturday sales the latest sign Trump's economy is unstoppable Shoppers smash record with more than $34B spent Saturday before Christmas The 'retail apocalypse' is taking over some NYC shopping districts Mattress startup Casper filed to go public — and revealed a financial picture that could make it hard for investors to sleep at night. The 5-year-old, New York-based unicorn — familiar to locals for its dream-themed, cartoon Subway ads — revealed in a Friday securities filing that it lost more than $67 million through the first nine months of last year, even as it pulled in $312 million of revenue. The losses echoed those at higher-profile tech startups that have gone public of late — including ride-hailing giants Uber and Lyft, whose shares have sagged since they hit the market last year. “I’ve seen this movie before,” said one investment banker after reviewing the red ink in Casper’s financials. “I thought we’d all learned a lesson on WeWork … but maybe not.” In an S-1 filing to list its shares on the New York Stock Exchange under the ticker symbol “CSPR,” Casper said revenues are accelerating in 2020, but admitted that its losses are, too. The company — which sells mattresses, pillows, bedding, bedframes and a sleep-enhancing light product named Glow light — is planning to add to its 27 products and expand its chain of 60 stores in the US and Canada. Casper, led by co-founder and CEO Philip Krim, spent close to $114 million on marketing in the first nine months of 2019, and claims in the filing that it makes $3 for every $1 spent on marketing. Indeed, the word “marketing” appears 172 times in the 58-page document. Casper estimates the global appetite for sleep products at $432 billion. Nevertheless, its business remains pea-sized, having generated just $358 million in sales in 2018, even as it lost $93 million. Casper’s decision to not put a value on itself might be a ploy to prevent disappointing Wall Street when it does list. Casper’s most recent private valuation was done last March at $1.1 billion https://nypost.com/2020/01/10/mattress-giant-casper-to-go-public-despite-spooky-red-ink/