An article in The Australian Business Review has revealed that online furniture retailer Temple & Webster is achieving double-digit sales growth, driven by millennials looking to furnish their homes.
Temple & Webster chief executive Mark Coulter (pictured above) told The Australian Business Review that customers were looking for more value amid cost of living pressures and taking advantage of purchases through promotional periods.
On Tuesday the company posted record revenue for the December half and crossed over one million active customers using its website.
Consistent with previous results, it did not declare a dividend.
Coulter said Temple & Webster delivered a record half in the face of some of the toughest headwinds its category has ever seen due to the current economic conditions.
“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. The online market remains under-penetrated in Australia, and we continue to take advantage of this once-in-a generation opportunity to capitalise on the long-term structural shift to online,” he told The Australian Business Review.
Coulter said millennials were his fastest growing customer base as they shopped online for furniture via the Temple & Webster website.
The company confirmed that the strong momentum in the first half continued into the second half, with revenue from 1 January to 11 February up 35%, driven by first-time and repeat customers.
The company had cash of $114m and no debt at the end of the December half.
