Shares in home furnishing e-commerce company Temple & Webster Group shot up 30 per cent after it upped its margin guidance for the new financial year, and promised a return to double-digit sales growth.
Investors appeared to disregard a crunch to its bottom line from reinvestment in its new DIY website and higher logistics costs, as well as sales slowing early in the new year, helping to push its market capitalisation up by $163 million to $695 million on Tuesday.
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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
