Eve Sleep delivers strong full year sales growth
Eve Sleep has grown its annual group revenue by 6% year-on-year to £26.6 million and by 11% on pre-pandemic levels two years ago.
In a trading update for the year to 31 December, the bed and mattress retailer said UK and Ireland revenue climbed by 10% £22.5 million and by 22% on 2019 pre-Covid levels.
While higher marketing spend in the period meant its full year EBITDA loss increased to £2.9 million from £2 million in the prior year, this was better than the loss of £10.7 million made in 2019.
Eve Sleep said UK and Ireland revenue growth was driven by the ongoing strength its ecommerce platform and was broad based across mattresses and non-mattress products as it continued to expand into sleep gifting and wellness ranges.
Cheryl Calverley, chief executive of Eve Sleep, said: “Eve has made great progress in 2021, overcoming the many external challenges we have faced, thanks to the dedication and unswerving commitment of our incredible team. Our UK&I business continues to go from strength-to-strength, on reduced marketing spend, achieving 22% growth on pre-Covid 2019 comparatives.”
The company said trading in the first few weeks of the new financial year has started well and that it expects to move its UK and Ireland business to breakeven in 2022.
Calverley added: “Eve is fast evolving into a unique, digitally led retail business, focused on the growing area of sleep wellness. This transition is expected to accelerate, becoming more evident in 2022 as brand consideration continues to grow, alongside the launch of new products and services, with the resulting improvement in customer repeat rates.”
Image courtesy of Eve Sleep