// Cox & Cox reports 167% increase in revenue in first quarter
// The retailer saw a 101% increase in orders during the period
Cox & Cox has recorded a net revenue increase of 167 per cent in its first quarter.
The retailer experienced an order increase of 101 per cent from February to April after it benefited from a 70 per cent increase in the number of active customers and good stock availability.
“We had a very strong Christmas, both in terms of customer retention and acquisition, and so started the season with 70 per cent more active customers than last year,” Cox & Cox chief executive Richard Bell said.
READ MORE: Cox & Cox full year sales skyrocket 75%
“In addition, we substantially grew the outdoor range and bought deeper on stock. The paucity of supply elsewhere in the market meant that we sold through our initial buys very quickly, pushing us well past budget and forecast.
“After such a strong start to the year, our focus remains on getting stock to our customers as swiftly as we can.
“We anticipate that Covid and a shortage of raw materials will continue to impact some product lead times, and that shipping and port delays will remain an issue for the next few months.
“To mitigate against this, we have placed orders with suppliers earlier than usual to reduce stock delays and improve in-stock position, building up stock levels in far greater depth, and across more product lines.”
All of the retailer’s departments increased their sales during the period.
Some of the best performing categories included outdoor furniture, outdoor accessories and indoor furniture, including made-to-order sofas, office desks and chairs.
Click here to sign up to Retail Gazette’s free daily email newsletter
