Eve Sleep boosted by strong online sales
Eve Sleep has posted a 13% increase in first half group revenue to £13.9 million.
In the six months to 30 June, revenue in the UK and Ireland rose by 18% year-on-year. Meanwhile French sales declined by 8% as a result of minimal marketing investment in the first quarter due to the company spending much of the first half preparing for the launch of a new marketing campaign in the country which began in May.
Growth in the UK was primarily online after the retailer experienced particularly strong demand for its hybrid mattress range and premium bed frames. UK marketing investment was front half weighted as a result of increased TV advertising.
Cheryl Calverley, chief executive of Eve Sleep, said: “First half revenue growth of 13% is a pleasing result, and in line with our expectations. Our UK business is up 15% on pre-pandemic revenue levels reported in H1 of 2019. The balance across sales channels has shifted somewhat, but the overall business is in good health. The start of our investment programme in France has been very encouraging, and we look forward to seeing this campaign power our business performance over the next two years, replicating the progress we have seen in the UK.”
Eve Sleep said it now anticipates that second half revenues will be in line with expectations.
Calverley added: “Maintaining excellent customer service in the face of fluctuating demand and supply chain challenges has been a core focus for us, and the decisions we have taken to improve the resilience of our business through increasing our stock holding and investing in our operational and people capability have undoubtedly underpinned the good H1 performance. We enter the second half of the year with confidence.”
During the period, the retailer appointed Mike Lloyd as chairman and Masood Choudhry as a non-executive director.
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