Eve Sleep’s growth accelerates
Eve Sleep has said its growth has accelerated more quickly then expected after it benefited from a shift to online shopping and the strength of the homewares market during the Covid-19 pandemic.
In a trading update covering the year to 31 December, the mattress retailer said its revenue increased by 6% to £25.2 million, driven by 18% growth in its second half. Eve Sleep said it enjoyed record trading over the Black Friday period and the first week of the Boxing day sales.
Meanwhile, the retailer’s EBITDA losses were cut to £2 million from £10.7 million in the previous year.
Cheryl Calverley, chief executive Eve Sleep, said: “Our business reset is largely complete and our growth has accelerated more quickly than we initially anticipated as a result of the shift to online and the current strength of the homewares market.
“We have exceeded our financial expectations for 2020, which were raised twice during the year, extended our product ranges, opened new sales channels, increased brand awareness, presence and recognition, with the winning of the Which? awards, and improved the strength and resilience of our technology, logistics and operations platforms.”
The company said trading in the first few weeks of 2021 has started well, although the availability of raw materials and component supply remains an industry issue and a potential limiting factor on near term growth.
Calverley added: “2021 we will invest in growth initiatives across our business, particularly in France, where we see good opportunities to scale, whilst continuing to build on the current UK momentum. We are confident in the near-term outlook and although there is a high level of uncertainty as to the macro-economic backdrop and spending habits of consumers in the second half of the year, we have entered the new financial period with a much improved proposition, a stronger balance aheet and a more resilient business.”
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