Mattress company eve Sleep has achieved revenue growth of 6 per cent to £25.2 million for the year ending 31 December 2020.
The company finished the year in better shape than it started, bouncing back with ‘better than expected’ annual results and a ‘rebuild strategy’ nearing completion six months ahead of schedule.
According to its latest accounts, sales were particularly strong over the last six months of the year, increasing by 19 per cent.
Gross profit also rose by 14 per cent buoyed by the retailer’s successful move into the gifts market, with the launch of its ‘well slept’ range online and in partnership with Boots.
Notably, the firm was able to cut its statutory losses by 83 per cent to £2 million.
Company developments for the year included moving the UK, Irish and French websites to the Shopify platform, to improve the websites’ stability and scalability.
Supply chains were also upgraded to localise manufacturing ahead of Brexit, and warehousing and distribution were restructured to allow shipments to customers to be consolidated into one delivery – lowering costs and supporting a better customer experience.
Eve Sleep also confirmed a new CEO, with former chief marketing officer Cheryl Calverley taking over from James Sturrock in May.
Calverley said: “eve’s rebuild strategy is essentially complete, six months ahead of plan. We move now to accelerate our business, with a mind to leveraging our strong brand, efficient marketing, high performing products and excellent customer service to allow us to diversify across markets, channels and categories. But we do so carefully.
“Successful eCommerce businesses win through balancing growth, with customer experience and business resilience, and we will do the same. We seek sustainable, profitable growth and will avoid growth at any cost, and certainly to the detriment of customer experience or business resilience.
“We’re excited about the opportunities the next few years bring, and we now have a business ready to grasp those opportunities.”
Revenues in the first two months of 2021 have continued 2020’s upward track, climbing 16 per cent compared to the previous year.
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