Temple & Webster shares trading at all-time high after AGM
ASX-listed furniture e-seller Temple & Webster says the 2020 financial year has started strongly, with trading up 45 per cent year on year.
Chief executive Mark Coulter told the company’s annual general meeting that Temple & Webster believes it can continue gaining market share regardless of what is happening in the broader economy.
“Our hypothesis remains that the shift to online, which is being driven by the older millennials and those that have grown up buying everything online, is independent of broader macroeconomic factors.”
Temple & Webster was profitable for the first time in fiscal 2019, making $3.8 million in net profit after tax as revenue jumped 41 per cent to $101.6 million.
The company also increased its range by 25 per cent to offer 150,000 products for sale, and Coulter said the company plans to expand that further, including adding more home improvement and do-it-yourself products as well as exclusive products.
“Our strategy is to pursue high growth while remaining profitable,” Coulter said.
At 1059 AEDT on Wednesday, Temple & Webster shares were up 3.8 per cent to an all-time high of $2.03.