Temple & Webster posts strong start to H2
Temple & Webster’s revenue grew by around 40 per cent to roughly $32 million in the first four months of the year, the online furniture and homewares business said in a trading update to analysts on Tuesday.
With two months still go in the second half of fiscal 2019, the retailer indicated it has seen the continued uptake of online furniture shopping due to demographic changes, something chief executive Mark Coulter previously explained to Internet Retailing when the business revealed its $3 million profit during the first half of its 2019 financial year.
“The trend to online actually accelerated during a tougher retail environment, and I think we’re benefiting from that trend,” Coulter told Internet Retailing.
“Irrespective of any macro-economic trend, there’s still that shift toward online. Millennials are still growing up, and are still moving out of home and are buying their first or second property. That’s going to happen regardless of any downturn.”
The business’s focus on improving and increasing its range has allowed it to sell across multiple demographics, and the number of active customers grew 36 per cent to approximately 260,000 as of April 30, 2019.
In the first four months, the company also launched its first by-appointment trade and commercial showroom in Sydney.
The showroom is described as the brand’s first permanent physical experience, offering customers the ability to touch and feel products, view samples and review designs prior to large scale purchases.
“I think as the order value gets bigger and as the order gets more complicated, having a physical space for someone to meet an account manager will help,” Coulter previously told Internet Retailing.
“From a customer point of view, we don’t envisage having many showrooms around the country… I think the main game for us is going to online for a very long time.”