Temple & Webster shares jump on sales surge
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More news: Temple & Webster shares jumped 10.6% by 2.41pm AEDT on the ASX after it posted a 23% rise in half-yearly sales, beating expectations.
UBS analysts noted the company posted a “strong result” and that its revenue increase of 35% since the start of the second half was ahead of consensus growth of 22%.
Temple & Webster delivers record first-half sales
The news: Online furniture retailer Temple & Webster has lifted first-half profit after delivering record sales for the period.
The numbers: Net profit for the six months to December 2023 rose 6% to $4.13 million, while sales jumped 23% to $254 million, ahead of analyst expectations. The company lifted its EBITDA margin to 2.9%, near the top end of its full-year guidance of 1% to 3%. It did not declare any interim dividend.
The context: CEO Mark Coulter said Temple & Webster delivered the record half in the face of some of the toughest headwinds in its category due to the current economic conditions.
The company says the momentum has continued into the second-half, with revenue from 1 January to 11 February up 35%. It has reaffirmed its EBITDA margin guidance for the full year.
What they said: “Pleasingly, our growth was driven by both first-time customers and repeat customers, which led to us crossing the one million active customer mark in February this year,” Coulter said.
The source: ASX announcement
