Temple & Webster ‘back on track’

Temple&WebsterLoss-making online furniture retailer Temple & Webster is on track to break even in two years time, its acting chief executive says.

The company has been marred by board and management upheaval, a profit warning and a plunging share price since it made its debut on the Australian share market in December.

Temple & Webster co-founder Mark Coulter, who stepped in as acting chief executive after fellow co-founder Brian Shanahan left the business in April, says stability has returned to the board.

This is despite Coulter, and chief financial officer Mark Tayler, each serving in interim roles.

“The team is in place that will see the business through at least to break even,” Coulter told AAP.

“We’ll be around for as long as the company needs us while the board assesses its options.”

The relaunch of Temple & Webster’s website has been a success, with double digit growth in sales, he said.

The company has also completed a first round of cost cuts.

“We are spending less and getting more customers,” Coulter said.

“We still have lots of work to do but I am confident we’ll break even in calendar 2018.”

Temple & Webster’s shares plunged by more than two thirds on February 25, wiping around $45 million from the company’s market value, when it warned it would miss its annual revenue and earnings forecasts.

They have since edged lower, and on Thursday had gained 2.5 cents to 16.5 cents by 1345 AEST, well below their issue price of $1.10.

AAP

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