Strong start to year for online furniture group

ONLINE furniture specialist Temple & Webster says the new financial year has started strongly, with year on year revenue growth of 56 per cent.

It has gained momentum in the final months of the most recent lockdowns in NSW and Victoria. The double-digit sales growth compares to 49 per cent revenue growth for July to August and 39 per cent for the first three weeks of July.

Chief executive Mark Coulter (pictured) told shareholders at the annual general meeting on Monday that first-half earnings before interest, tax, depreciation and amortisation (EBITDA) were expected to be higher than the 2-4 per cent growth level. “We continue to experience strong tailwinds, including the ongoing adoption of online shopping due to structural and demographic shifts,” he said.

But investors are concerned that consumers will direct their spending elsewhere as the economy reopens.

Shares in Temple & Webster fell 37c to $13.04.