Eve Sleep reports strong trading momentum
Bed retailer Eve Sleep has reported that the strong trading momentum it experienced in the first six months of 2017 has continued in the second half of the year.
In a trading update ahead of its 31 December financial year end, the retailer said its group revenue for the first 11 months of trading is expected to have grown by 130% year-on-year.
This follows better than expected trading in the UK where sales are anticipated to be up over 105% year-on-year. In addition, international revenues are forecast to increase by more than 180%.
Eve said its success is being driven by a strong marketing mix which is not only helping to raise brand awareness and increase sales but is also driving marketing efficiency.
The company said its exclusive agreement with Karstadt, the German department store chain, is progressing to plan and as of 29 November Eve had a presence in 79 stores across Germany. Including the agreements with Next Home, Debenhams and Fenwicks, Eve now sells through 146 stores in the UK and Germany.
Eve said it remains on track for the UK to reach profitability in the fourth quarter of 2018 and at group level in 2019.
Jas Bagniewski, Eve chief executive, said: “We continue to be in a period of acceleration with strong momentum across our 15 territories. Eve is making good progress towards its objective of achieving UK profitability in Q4 2018, demonstrated by the UK business now anticipated to report a maiden profit after marketing costs in Q4 this year, a significant improvement on the first half of the year. We look forward to continuing our expansion as we drive towards achieving our plans for 2018 and beyond.”
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