Temple & Webster returns to growth
Home furnishings e-commerce company Temple & Webster restored sales growth to double-digits in the new financial year, after its sales and profit tumbled over fiscal 2023.
Sales were 7.2 per cent softer over the full-year to $396 million, with its bottom-line sinking more than 30 per cent to $8.3 million in the 12 months to June 30, hobbled by the prior year’s tax loss adjustments. Pre-tax profit was $12 million, down 9.7 per cent.
Mark Coulter, CEO of Temple & Webster, is targeting over $1 billion in sales over the next three to five years. Janie Barrett
Australia’s largest pure play online retailer of furniture and homewares said trading improved over the second half, moving back to growth in the fourth quarter. The positive momentum continued into fiscal 2024 with revenue to August 13 gaining 16 per cent.
Earnings before interest, tax, depreciation and amortisation for the year was $14.8 million, up 3.7 per cent, within guidance for 3 per cent to 5 per cent growth. EBITDA for the second half was 80 per cent higher when compared to the prior period due to improving margins and better cost management. Longer term, there are aspirations of 15 per cent EBITDA margins.
Temple & Webster does not pay a dividend.
Orders from repeat customers now make up 54 per cent of the total, while revenue per active customer (those who have purchased in the past 12 months) was up 6 per cent for the year.
Temple & Webster chief executive Mark Coulter expects shoppers will seek out quality items at affordable prices as cost-of-living pressures squeeze household budgets.
“We have had a strong start to FY24. While the near-term macroeconomic climate will continue to put pressure on the sector, our business model, product offering, strong
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