Cox & Cox posts strong third quarter sales
Cox & Cox has seen its revenue grow by 103% in its third quarter which means its sales have climbed by 72% in the financial year to date.
The online homewares retailer said it benefited from very successful trading during the first lockdown period which enabled it to invest in expanding its ranges and increasing its marketing activity.
Cox & Cox chief executive Richard Bell (pictured) said: “Momentum from activity earlier in the year has meant that we are generating far higher customer performance KPIs without a corresponding increase in costs to do so. This has driven a sharp increase in our profitability, along with better intake margins and less discounting, resulting in a 14.2% return.”
The retailer saw its number of orders rise by 108% in the quarter and has also grown its active customer base by 54% in the past 12 months. In addition, it has been attracting more new buyers, especially in September when there was an uplift of 145%. Cox & Cox attributed the strong performance to a halo effect provided by improved awareness that was driven by advertising, PR, media and brand partnerships.
Cox & Cox buying director Dani Taylor said: “Our fast growth has put us in a fortunate position where we are willing to take more risks and experiment more with what we might usually buy. We’ve tested new price points within existing categories such as home office, adding in many more accessories and storage solutions, and moved into completely new areas like freestanding kitchen furniture which has generated a substantial portion of new business this quarter.”
The retailer said it has made a good start to the Christmas shopping period with early sales up threefold on last year.
Looking ahead, Bell said “It would be very easy to put our success this year entirely down to the lifestyle changes that we have all been through, and while that may have been true for Q1, it is not the case since then. We’ve grown the range well, and effected a significant increase in brand awareness which we are converting and retaining better than ever.”
