Eve Sleep sales rise as Covid-19 boosts demand for homewares

Eve Sleep trading update covid-19 pandemic lockdown
Eve Sleep now expects its full-year EBITDA losses to be £2 million
// Eve Sleep posts 6% rise in sales to £25.2m for full year to December 31
// Sales were boosted after it expanded ranges to include bed frames, sleep gifts and bedding
// The retailer benefited from a shift to online and demand for homewares

Eve Sleep has recorded strong sales during Black Friday and Boxing Day as it benefited from a shift to online shopping and the demand for homewares during the Covid-19 pandemic.

The direct-to-consumer mattress retailer’s sales increased six per cent to £25.2 million for the full year to December 31, driven by 18 per cent growth in the second half.

Eve Sleep now expects its full-year EBITDA losses to be £2 million, an 81 per cent cut from the previous year.

READ MORE: Eve Sleep non-exec director exits as former CEO sits on three committees

The retailer said its sales were also boosted after it expanded its ranges to include bed frames, sleep gifts and bedding.

“Our business reset is largely complete and our growth has accelerated more quickly than we initially anticipated as a result of the shift to online and the current strength of the homewares market,” Eve Sleep chief executive Cheryl Calverley said.

“We have exceeded our financial expectations for 2020, which were raised twice during the year, extended our product ranges, opened new sales channels, increased brand awareness, presence and recognition, with the winning of the Which? awards, and improved the strength and resilience of our technology, logistics and operations platforms.

“In 2021 we will invest in growth initiatives across our business, particularly in France, where we see good opportunities to scale, whilst continuing to build on the current UK momentum.

“We are confident in the near-term outlook and although there is a high level of uncertainty as to the macro-economic backdrop and spending habits of consumers in the second half of the year, we have entered the new financial period with a much-improved proposition, a stronger balance sheet and a more resilient business.”

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