Temple & Webster has continued its strong run through the pandemic-impacted retail space, delivering another record year of revenue, profit and customer growth.
According to the business, full-year revenue rose 85 per cent to $326.3 million during FY21, while earnings hit $20.5 million – a 141 per cent increase on FY20’s result.
“Whilst lockdowns during FY20 and FY21 have accelerated the underlying shift from offline to online, pleasingly, we continue to see strong growth even when comparing against Covid-impacted numbers,” said chief executive Mark Coulter.
“While the start of FY22 has been difficult for many Australians, we remain focused on delivering a great experience for our customers built around the biggest and best range of homewares.”
Active customer grew 62 per cent during the year to 778,000 and spent 12 per cent more year-on-year, potentially due to a “significant” investment in TV marketing aimed at building brand awareness. Despite this investment, however, Temple & Webster’s marketing return on investment sat at 2.3x.
The new year has started off strong for the business, with the accelerating shift to online caused by ongoing restrictions and increased discretionary spend due to travel restrictions giving Temple & Webster a revenue boost of 39 per cent for the month of July so far.