Advertisement

Temple & Webster Reports Record H1

Reading Time: 2 mins
By Published On: February 14, 20240 Comments

Temple & Webster has reported a record half with revenue up despite tough headwinds.

Online furniture and homewares retailer Temple & Webster are taking advantage of a “once-in-a-generation opportunity to capitalise on the long-term structural shift to online”, as it posts record results for the first half of FY24.

Revenue has soared 23 percent year on year with Temple & Webster reporting $254 million in revenue for the half, which the retailer is saying is driven by growth in repeat and first-time customers.

The company has reported an EBITDA of $7.5m for the half and a closing cash balance of $114m with no debt as at 31 December 2023.

“Temple & Webster delivered a record half, with revenue up 23 percent to $254m,” Temple & Webster CEO, Mark Coulter, said. 

“This was in the face of some of the toughest headwinds to our category we have 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 1 million Active Customer mark in February this year. This means that our amazing range, great value proposition and incredible service has resonated with 1 million Australians in the last 12 months.”

The company released a trading update and announcement also declaring Temple & Webster Chief Financial Officer, Mark Tayler has advised the board of his intention to step down as CFO. Tayler has held the role for eight years and will be remaining with the company following his departure, with a focus on investor relations and helping drive the Group’s broader growth strategy. 

“Working as the CFO of Temple & Webster has been an incredible journey. Helping steer an amazing team through once-in-a-lifetime challenges, to emerge in the market leadership position we hold today, has been very rewarding,” said Tayler.  “I’m excited to be staying with the company and helping it achieve the next big milestone of $1 billion in sales.”

Looking forward, Temple & Webster is having a strong start to the second half with trading up 35 percent on last year. 

The business also highlighted the milestone that saw it reach one million active customers for the first time in February 2024. 

Temple & Webster CEO, Mark Coulter, said: “Our goal is to achieve scale as quickly as possible while remaining profitable, and our EBITDA result of $7.5m for the first half of the year, even after costs associated with the above-the-line brand investment, gives us confidence to invest in growth to take further market share. 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.” 

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

Share this story!

Leave A Comment

Advertisement
Advertisement
Advertisement
Advertisement