Cox & Cox reports strong first quarter sales
Cox & Cox has said its new financial year has started well with net revenue up 167% in its first quarter.
From February to April, the retailer’s orders climbed by 101% after it benefited from a 70% increase in its number of active customers and good stock availability.
Richard Bell (pictured), chief executive of Cox & Cox, explained: “We had a very strong Christmas, both in terms of customer retention and acquisition, and so started the season with 70% more active customers than last year. In addition, we substantially grew the outdoor range and bought deeper on stock. The paucity of supply elsewhere in the market meant that we sold through our initial buys very quickly, pushing us well past budget and forecast.”
All of the retailer’s departments increased their sales in the period. Some of the best performing categories included outdoor furniture, outdoor accessories and indoor furniture, including made-to-order sofas, office desks and chairs.
Looking ahead, Bell said: “After such a strong start to the year, our focus remains on getting stock to our customers as swiftly as we can. We anticipate that Covid and a shortage of raw materials will continue to impact some product lead times, and that shipping and port delays will remain an issue for the next few months. To mitigate against this, we have placed orders with suppliers earlier than usual to reduce stock delays and improve in-stock position, building up stock levels in far greater depth, and across more product lines.”
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