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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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
