Temple & Webster joins the ranks of retail profit beats
Carrie LaFrenzSenior reporter
Key Points
- Online only furniture retailer Temple & Webster first half sales rose 23 per cent to $254 million.
- Net profit rose 6 per cent to $4.13 million in the half year ended December 31.
- Gross margin was higher helped by cheaper shipping costs, fewer refunds while customers also stocked up on higher margin categories like bedroom, dining, and living room furniture.
- Temple & Webster does not pay a dividend.
Online furniture retailer Temple & Webster has beaten market expectations with first-half revenue growth of 23 per cent to $254 million, joining the ranks of earnings season winners defying gloomy predictions for Australian consumer spending.
Temple & Webster shares surged by 10 per cent to $11.01 on Tuesday, hitting late 2021 levels and pushing its market capitalisation to $1.32 billion.
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