Made.com lowers full year guidance and appoints new chief financial officer
Furniture retailer Made.com has lowered its expectations for the remainder of 2022 amid a “tough trading environment.”
In a trading update, the retailer said it expects full year gross sales to fall by 15% and net revenue by 7%. Looking at EBITDA, it expects this to come in at £-35 million in the period.
The retailer said its performance has remained strong compared to pre-pandemic levels, but that trading has been volatile in recent months and more challenging than expected at the start of the year.
However, it said customers are reacting positively to an improved proposition, which has led to growth in repeat orders.
The retailer now expects to achieve £1.2 billion of gross sales later than 2025.
Nicola Thompson, chief executive of Made, said: “There is no escaping the tough trading environment at the moment. However, we are laser-focused on executing our strategy and we are delivering strong progress across each of our strategic pillars.
“Made continues to outperform the online furniture and home market and I am confident the company will emerge in a very strong position.”
Made has also announced that it has appointed Patrick Lewis as chief financial officer.
Due to take up his role on 27 June, he will succeed Adrian Evans who joined Made in 2017 and will step down from the board when Lewis joins to pursue other opportunities. However, he will remain with the company until 16 September to facilitate a smooth transition.
Lewis has spent much of his career at the John Lewis Partnership where he most recently worked as chief financial officer. His work there included leading a supply chain improvement programme and building strong relationships with key stakeholders in restructuring the John Lewis Partnership balance sheet. He has also previously been a non-executive director at Ocado and earlier in his career worked with Procter & Gamble.
Susanne Given, chair of Made.com said: “On behalf of the board and the whole company I would like to thank Adrian for his work over the last five years. Adrian’s calm professionalism and dedication were enormously important to the growth of the company, and he has played a key role in shaping strategy, driving growth and helping the company transition to a public company.
“As we look forward, I am delighted to welcome Patrick to the team. His extensive retail and digital experience will be a great asset to MADE as we continue to grow the business.”
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