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Temple & Webster Profits Fall 47%, Shares Plummet 25%

Online homewares and furniture retailer Temple & Webster saw profits plummet by 46.7 per cent for the first half of FY23, as sales normalise after the pandemic boom.

Profit after tax for the six months to December 31 was $3.8 million, compared to $7.2 million for the previous period.

Revenue for the half was down 12 per cent year-on-year, although the company notes its sales were robust for December, with EBITDA for the final three months of the year up 11.8 per cent compared to the September quarter.

Shares have been in freefall since the market opened this morning, currently down 24.95 per cent.

Temple & Webster note this six-month period offers “the most difficult period for revenue comparisons” due to the artificial sales boom caused by the pandemic.

 

“We’re pleased with the progress made during the half, with a return to year-on-year profit growth in Q2 as we benefited from our focus on margin optimisation and cost management, despite revenue being down year-on-year, which highlights the flexibility of the business model,” Temple & Webster CEO Mark Coulter (pictured above) said.



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