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TPW - TEMPLE & WEBSTER GROUP LTD


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...online retailer of furniture and homewares Temple & Webster (ASX: TPW).... runs an innovative drop-shipping model, where products are sent directly to customers by suppliers, enabling a larger product range, faster delivery times and reducing the need to hold inventory.

 

TPW released a positive trading update at its annual general meeting on Wednesday, highlighting an acceleration in revenue growth to 45.0% year-on-year, as well as a steady contribution to margin and the reinvestment of its operating leverage into growth initiatives.

 

We first bought TPW in response to the shift from offline to online retail and we see the potential for it to replicate the success that furniture retailer Wayfair (NYSE: W) has delivered in the United States. We believe TPW will continue to gain market share in its categories by outperforming its brick and mortar peers in the online channels, underpinning the growth of its business. Shares in TPW increased 4.1% this week.

WAM funds
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  • 1 year later...

Temple & Webster is an eCommerce business that sells homewares and furniture online. Products are directly sent to customers by suppliers which assists with fast delivery and reduces inventory requirements.

 

In FY20 it grew full year revenue by 74% to $176.3 million and EBITDA went up by 483% to $8.5 million, with the adjusted EBITDA margin rising from 2.5% to 5.3%.

 

In the period between 1 July 2020 to 19 October 2020, the ASX share’s revenue rose by 138%. Temple & Webster generated $8.6 million of EBITDA in the first quarter, more than the entire amount made in FY20.

 

Temple & Webster’s CEO Mark Coulter has explained the benefits of gaining market share during the most affected COVID19 months:

The NAB online sales index suggests our category grew around 57% during the months of April to July, while we grew around 150% for the same period. We believe this is due to the increasing benefits of scale as we get larger. We are forging closer relationships with our suppliers as we become a more significant part of their business which allows us to obtain stock security, better terms and exclusive product ranges. We are also making larger investments in areas such as technology and data, brand awareness and our private label products; and we can produce more content by having more creative resources. In effect, the bigger we get, the better and strong our customer proposition becomes, which is a virtuous cycle.
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  • 6 months later...

Trading Update and Outlook for TPW

FY22 has started strongly with YoY revenue growth of 39% for the period 1st July to 24th July 2021.

 

We continue to experience strong tailwinds, including:

 

• the ongoing adoption of online shopping due to structural and demographic shifts

• an acceleration of these trends due to COVID 19

• an increase in discretionary income due to travel restrictions

• Strong housing market growth

We will continue our reinvestment strategy, investing into growth areas of the business to grow our online market leadership position with the ultimate goal of becoming the largest retailer (online and offline) for furniture and homewares in our home market

I notice AFI got on board during last FY, while small cap MIR already held 616K at 30/0/2020, value $3.86M then and double that now

 

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