World News – AU – Temple & Webster Sales and Profits Rise as Spending Shifts Online

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Online retailer Temple & Webster made more profits in the September quarter than during the full year ended June 30 amid expanding furniture and housewares spending

Temple & Webster earned $ 8 million before interest, taxes, depreciation and amortization in the three months ending September, up from $ 8.5 million in fiscal 2020, chief executive Mark Coulter told shareholders at the annual meeting on Wednesday

Year-to-date (July to October 19) sales are up 138%, having climbed 130% in the June quarter, with October sales more than doubling from last year

Sales growth exceeded analysts’ expectations, but Temple & Webster stock fell 14% to $ 12.03 in early Wednesday

Shares have risen fivefold this year, from $ 2.68 to a record $ 14.03 on Tuesday, bringing the company’s market value to $ 1.68 billion

However, some investors have been rocked by the strong sales of shares of M Coulter, its co-founder and director Conrad Yui and chairman Stephen Heath

M Heath offloaded 150.00 shares – 815% of his holdings – for $ 1.4 million in a market transaction in August, but shareholders were not notified of the sale for more than five and a half weeks. Coulter unloaded 21 million shares in August and the ArdenPoint Ecommerce Trust, owned by M Coulter and M Yui, sold 500,000 shares

Temple & Webster’s extraordinary sales and profit growth highlights the shift to online shopping and the cocooning trend triggered by the coronavirus pandemic

Consumers stuck at home are spending on new sofas and dining rooms, rugs, kitchen clothes, lighting and Manchester, spending money they would otherwise have spent on travel to the city. ‘foreign

Harvey Norman, Nick Scali, JB Hi-Fi and Beacon Lighting also saw strong sales growth in the June and September quarters, but growth in physical stores paled relative to that of retailers in pure-play line such as Temple & Webster

The company is taking advantage of the structural transition to e-commerce by adopting a high growth strategy, investing in areas such as technology and data, brand awareness and private label products to increase its market share

According to the NAB Online Sales Index, the online furniture and home furnishings category grew by approximately 57% during the pandemic (April to July), while Temple & Webster’s sales increased about 150%

« Even though the world is going through uncertain times, we remain committed to our longer term investment strategy to ensure that Temple & Webster is the brand for the next generation of furniture buyers, » said M Coulter

« We want & Webster Temple to be the first place Australians turn to buy their homes and places of work We believe online shopping habits are forming right now, and provided we continue to put the customer at the heart of everything we do, these habits will remain « 

Flush with nearly $ 80 million in cash after raising $ 40 million in new capital in July, the company is considering additional acquisitions and partnerships after taking a stake in an interior design start-up offshore

M Coulter also wants to invest more in technology, leveraging AI to enable the retailer to make personal recommendations based on past shopping habits of customers and build an online catalog of 3D products to help customers consider products at home

RBC Capital Markets analyst Tim Piper said the trade update implied Temple & Webster was following its full-year forecast for 71% sales growth and EBITDA of $ 223 million

« As the market leader in online & homeware in Australia, TPW has benefited from the acceleration of the Internet switchover and we expect the increase in penetration to remain significant, » said he declared

« We believe that TPW may also continue to grow its market share (as well as expand into new adjacencies), which should worsen the expected growth in the underlying market, » he said. he declares RBC has an Outperformance Rating and $ 12 Price Target 00

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Temple & Webster Group, Temple & Webster, ASX: TPW, ASX, Finance

World News – AU – Temple & Webster Sales and profits increase as expenses change online


SOURCE: https://www.w24news.com

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