// Cox & Cox finishes its financial year with sales 75% up year-on-year
// This was bolstered by an 85.4% sales growth in Q4
// Cox & Cox also recorded a 68% year-on-year surge in orders
Cox & Cox has reported another strong year of growth, bolstered by soaring sales in the Christmas quarter and strong demand amid the Covid-19 pandemic.
For its financial year ending January, the online furniture retailer said sales skyrocketed 74.5 per cent year-on-year. An exact sales figure was not disclosed.
Cox & Cox attributed this performance to the 85.4 per cent increase in sales growth during its final quarter, which comprised the busy Christmas trading period, along with a 68 per cent year-on-year surge in orders – indicative of strong demand from customers staying home amid the pandemic and undergoing renovations or needing home office furniture.
READ MORE: Lockdown gives Cox & Cox a 64% sales boost
The retailer said its performance also allowed it to record “an even sharper increase in EBITDA”.
Cox & Cox also cited increased press and social media presence – notably a 12 per cent increase on Instagram followers in the final quarter – along with significant range growth that has been well received by customers.
The retailer launched an expanded office range, reacting to the increased number of people working from home on a more permanent basis.
As a result, desk sales in the final quarter were up 831 per cent and office chair sales were up by a whopping 2036 per cent.
Cox & Cox expected this trend to continue into Q1 of 2021 and have further increased the range in anticipation.
“We have improved revenue per customer in every cohort, while more than halving the cost per acquisition for new customers,” Cox & Cox chief executive Richard Bell said.
“All departments continue to trade up, and we’ve added over 400 new lines for the SS21 launch, with more to come.”
Looking ahead, Bell said: “With government warnings that lockdown measures are likely to extend beyond March, and advice not to book summer holidays, we expect another year of staycations, garden living, and working from home.
“We have planned meticulously to cater for the needs of our ever growing design-conscious customer base to ensure we can provide them with the products they need to make the most of this new way of living.”