Temple & Webster sales skyrocket, eclipse FY20 in a single quarter
Temple & Webster’s earnings for the first quarter of FY21 has eclipsed its full-year result for FY20, as Australians continue to prepare for the ‘new normal’ by refreshing their living spaces.
The online furniture and homewares business said on Wednesday its Q1 FY21 EBITDA hit $8.6 million, compared to the $8.5 million it earned throughout the entirety of last year.
And the business has managed to do it while boosting customer satisfaction to record levels, with a net promotor score averaging around 70.
“This year the adaptability and resilience of the Temple & Webster team really shone through,” CEO Mark Coulter said at the business’ AGM.
“Doubling the size of the business in the space of a few months, while dealing with the pain that goes with working from home is no mean feat. I’m proud of the entire team for stepping up during this time and delivering our customers a great experience.”
And while it’s range and position as a category specialist has largely been the primary method of growth in the past, the business told Inside Retail recently that it is focusing now on using technology to bridge the gap between instore furniture retailing and online shopping – using new features such as AI generated room idea collections to make the act of buying furniture online easier.
“Shopping for furniture is a hard purchase, and it scares a lot of people. So if you can use technology to show what products work well together, to give you a sense of either a room or a mood board, to help make sense of that – then that’s great,” Coulter said.
“We’ll test and learn, and test and learn, and see what happens.
“What we’re doing now is ensuring the customer that is shopping with us, potentially for the first time in the category, experiences the benefits of the online channel.”