Eve Sleep ‘refocuses’ strategy
Mattress retailer Eve Sleep has seen its first half group revenue climb by 63% year-on-year to £18.8 million as it “refocuses” its strategy in core markets.
In the six months to 30 June, UK and Ireland sales were broadly in line with expectations with growth of 64%.
However, the company made a statutory pre-tax loss of £12 million compared to a loss of £9.1 million in the same period in the previous year.
Paul Pindar, Eve Sleep chairman, said: “While there is much to be proud of in our first half results, with sales growth of 63%, our group results fell short of our own high expectations. We have however taken swift and decisive action, including refocusing on fewer core markets where we have a leading position and significant growth potential, which has enabled us to reduce costs substantially.”
The company said its marketing efficiency in the UK and Ireland is continuing to improve as it invests in brand building. This has resulted in UK brand awareness increasing from 7.6% in June to 11.2% in August.
Since the period end Eve Sleep has appointed former Moonpig managing director James Sturrock (pictured) as its new chief executive. It has also launched a partnership with bed retailer Dreams across 193 stores.
Pindar added: As you would expect from a new CEO, James is conducting his own strategic and financial review of the business and I have no doubt given his experience and capabilities, more improvements will be forthcoming. The market opportunity remains undiminished and Eve, as the most well-known direct to consumer sleep brand, continues to win market share.”
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