// Eve Sleep sees 18% reduction in revenue and a 19% drop in gross profit
// Operational KPIs at the retailer are all improving despite the Covid-19 pandemic
Eve Sleep published its full-year financial results for the year ending 31 December 2019, posting a statutory loss of £12.1 million but it saw an increase in its gross margin figures.
The online bedding retailer reported that since mid-March, it has seen “some impact on traffic and consumer demand attributable to the fast changing Covid-19 situation”.
Despite this, it stated all operational KPIs were improving, including increased brand loyalty, customer repeat rate and contribution from non-mattress sales, while returns rates had dropped.
READ MORE: Eve Sleep breaks even for the first time as turnaround bears fruit
It stated it was reasonable to “expect somewhat subdued demand for a period of time whilst the Covid-19 situation prevails.”
“We enter 2020 in good shape, with the benefits of the rebuild strategy becoming increasingly evident.” Eve Sleep chief executive James Sturrock said.
“While there remains considerable wider market uncertainty over the rest of the financial year, we have a healthy net cash position of £7.8 million as at 29 February
2020, no debt and a rebuild strategy that is delivering.”
All employees are currently working from home and the retailer said that to date it has only seen a small impact on its supply chain due to taking precautionary measures, including stronger stock holding of products to ensure adequate coverage for the coming months.
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