Cox & Cox hails strong second quarter results
Online homewares retailer Cox & Cox grew its sales by 59% in its second quarter as it acquired and retained more customers.
Orders climbed by 75% as customers bought items such as desks, office chairs and shelf units to kit out home offices during lockdown. Outdoor living products and furniture items were also popular.
In addition, the retailer launched its first paint range which was an immediate success.
Dani Taylor, buying director at Cox & Cox, said: “We spend a lot of time choosing the perfect paint colours to use on our photoshoots and understand how overwhelming it can be to choose the perfect shade for your home. Our customers frequently ask about the paint we use, so we decided to create a small and considered collection that would pair well together.”
Cox & Cox continued to implement an aggressive marketing strategy throughout the period which helped boost its performance. The company doubled its number of new customers and increased its customer retention rate by 25%.
Richard Bell, Cox & Cox chief executive (pictured), said: “This is a very strong set of results, and we have continued to grow share and improve customer performance throughout the quarter. Most encouraging is the way that the business has responded to the ‘golden problems’ that running ahead of forecast has created, developing and executing solutions quickly and collaboratively.”
The company is planning a series of new product launches for the autumn including freestanding kitchens and new Christmas ranges. It said its third quarter has got off to a good start with sales in August up 170%.
Bell added: “We go into autumn with a much bigger, more engaged base than we were expecting, and our new ranges and Christmas are already selling well. We expect to attract even more interest as we get deeper in the season and operationally are well placed to take full advantage.”
