Lombok reports strong growth in like-for-like orders
Furniture retailer Lombok has reported an 18% increase in like-for-like orders for the last quarter.
The increase marks Lombok’s seventh consecutive quarter of positive growth and puts the company on track to exceed £5 million in orders for the year end.
In a statement, the company said gross margins have remained consistent at 64% while online sales continue to build and now account for 36% of sales.
Average spend per customer across all channels has risen to £712, up 7% on previous year.
Stuart Lewis, chief executive of Lombok, said: “We are extremely pleased with Lombok’s performance over the past two years; the on-going upward trajectory in orders represents solid returns on our recent investments, both in-store and online. The new product ranges have successfully broadened the appeal of Lombok across a wider consumer base and as a result we are seeing an uplift in new customers, as well as regular return customers.”
In the last 12 months, Lombok has refurbished its Tottenham Court Road store and upgraded its website with a new responsive design to improve the online experience for customers.
In addition, the furniture ranges have been extended to accommodate changing consumer trends and to attract new customers at different price points.
Lombok has also further developed its in-store services to include an interior design offering, click and collect and trade business.
Steve Keating, Lombok’s principal investor, added: “The trading environment remains healthy as the economy continues to improve and consumer confidence builds. Customer trends suggest that whilst people continue to look for value and quality, they are increasingly buying more expensive furniture for the longer term. Lombok’s management team has positioned the company well to capitalise on these existing trends, and I am confident that our future plans for the business will continue to drive significant growth.”