Temple and Webster shares soar on strong sale growth

The news: Shares in online furniture and homewares retailer Temple & Webster have soared in early trading after the group released its AGM presentation ahead of the event.

The numbers: TPW shares were trading 16.9% higher at $7.55 by 10:40am AEDT, after its AGM update reported a sales boost of 23% year on year from 1 July to 27 November. Second-quarter revenue so far was up 42% on the corresponding 2022 period.

The context: Temple & Webster's chief executive Mark Coulter attributed some of the brand's success to growth in the Black Friday Cyber Monday trading period, as consumers increasingly bring their Christmas shopping forward. He also noted the launch of the group's above-the-line brand campaign in Sydney, Melbourne and Brisbane, which kicked-off in October. Coulter reaffirmed FY24 earnings guidance, with expected EBITDA margins of between 4.0% and 4.8%, and the group expects to grow revenues in excess of $1 billion in the next five years.