E-commerce furniture and homewares store Temple & Webster makes its inaugural profit

E-commerce furniture and homewares store Temple & Webster makes its inaugural profit
E-commerce furniture and homewares store Temple & Webster makes its inaugural profit

Temple & Webster, which suggests it was becoming "the next Harvey Norman" has reported its inaugural profit.

It claims to be Australia’s largest e‐commerce company in the furniture and homewares market.

Temple & Webster has over 130,000 products on sale from over 700 suppliers.

Temple & Webster earned $300,000 before interest, tax, amortisation and depreciation in the June-half following a 24% rise in revenues.

The company finished the year with a cash balance of $9.9 million and had net cash flows of $600,000 in the June quarter.

"[Two] years ago we promised our shareholders we would reach profitability during calendar year 2018 without having to raise additional capital, and I am proud to say that we achieved this goal," Coulter said in a statement on Monday.

He expected Temple & Webster to be EBITDA positive in 2019, eight years after its launch in 2011 and two year after being floated in 2016 with its management team, including Mike Henriques (former Wayfair Australia GM) and Sven Lindell (ex Bras N’ Things, Woolworths and Rebel).

Temple & Webster shares rose 7% to 76¢, compared with their issue price of $1.10.

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