Online furniture trader Temple & Webster says full-year revenue jumped 74 per cent as many customers purchased homewares online for the first time amid coronavirus restrictions.
The Sydney-based company reported full-year revenue of $176.3 million, boosted by a 130 per cent increase in fourth quarter revenue.
Earnings before interest, tax, depreciation and amortisation for the year to June 30 rose to $8.5 million, from $1.5 million a year earlier.
Chief executive Mark Coulter said he was most pleased by a record level of customer satisfaction.
“Many customers are trying online shopping for their homes for the first time out of necessity and it’s clear the inherent benefits of online, being range, value and convenience, have resonated with those customers,” he said.
Many Australians are yet to buy homewares and furniture online although a shift has been well underway in the US and Europe.
Online shopping business Kogan in May acquired homewares maker Matt Blatt in an effort to capitalise on increasing demand.