Online bedding retailer Eve Sleep has recorded an increase in pre-tax losses in its first half despite a massive jump in sales.
The brand, which is also available through department store concessions in the UK and now in Germany, posted pre-tax losses of £9.1 million in the six-month period to June 30, compared to the £3.2 million recorded in the same period last year.
Meanwhile, sales sky rocketed 126 per cent to £11.5 million during the period, with UK sales alone spiking 107 per cent while international sales soared 153 per cent.
During the first half, Eve Sleep invested in growing brand awareness and international expansion – entering nine new markets to bring it to a total of 15 countries in which it now trades.
Just last week, the mattress-in-a-box retailer penned a deal with German department store chain Karstadt, which will see the brand have concession space in all 79 of its stores.
From November 1, customers will also be able to purchase Eve bedding products directly from a dedicated German website of the UK brand, and on Karstadt‘s website.
Once launched, Eve‘s physical presence will span 143 stores in total across the UK and Germany, following the brand‘s expansion into Next Home.
In addition, earlier this year the company went public, successfully launching its IPO by raising £35 million on AIM and securing a value of £140 million.
“Our maiden results as a listed company demonstrate extensive strategic progress and strong trading momentum,” Eve Sleep chief executive Jas Bagniewski said.
“In tandem with the topline growth, the benefits of scale are starting to come through with improving cost metrics, particularly in the more established UK business.
“This will be further enhanced by our recent retail partnerships with Next Home and Karstadt, which, in addition to increasing brand awareness, provides a nationwide network of high-quality outlets for those customers who still prefer to try before you buy, in Europe‘s two largest mattress markets.”