Temple and Wester has returned to year-on-year growth after cycling COVID-impacted periods, an ASX update which saw shares surge by more than 17 per cent by midday.
The company posted year-on-year growth of 10 per cent for the period of April 18, 2022 to May 15, 2023.
Sales were down 5 per cent between January 1 and May 15 compared to the same period in 2022, and the company has reaffirmed its full year EBITDA margin guidance range of between 3-5 per cent.
Temple & Webster also has cash of $100 million with zero debt.
“We recognised early that in this inflationary environment, customers would be looking for choice and value and we have successfully adjusted our range, promotional activity, pricing and on-site merchandising to reflect these changing customer needs,” CEO Mark Coulter (above) said.
“The Australian furniture & homewares category remains highly under-penetrated in terms of its shift to online compared to other leading markets such as the US and UK.
“As the pure-play online market leader, we believe this period will allow us to aggressively grow market share as we leverage our data capabilities, asset light model and strong balance sheet.”
