// Eve Sleep sales rise thanks to rise in online shopping
// The company expects ecommerce trend to be a permanent shift
// Despite increase in sales, shares were down over 15%
Eve Sleep has reported an overall revenue growth of 13 per cent in the first half of the year, which reflected lockdown restrictions.
Despite the increase in sales, shares in the mattress retailer were down over 15 per cent.
Eve Sleep attributed the sales growth to the rise in online shopping amid Covid-19 restrictions.
READ MORE: Eve Sleep chairman Paul Pindar to step down
The company added that it expects this trend to be a permanent shift.
UK revenues increased 18 per cent year-on-year, with sales 15 per cent higher compared with pre-pandemic revenues in the first half of 2019.
Eve Sleep said it expects second half revenues for this year to be in line with expectations and minimal cash flows as personal savings accrued over the pandemic will bolster consumer confidence.
The company also said that previous supply challenges are no longer present.
“First half revenue growth of 13% is a pleasing result, and in line with our expectations,” Eve Sleep chief executive, Cheryl Calverley said.
“The balance across sales channels has shifted somewhat, but the overall business is in good health.
“The start of our investment programme in France has been very encouraging, and we look forward to seeing this campaign power our business performance over the next two years, replicating the progress we have seen in the UK.
“Maintaining excellent customer service in the face of fluctuating demand and supply chain challenges has been a core focus for us.
“The decisions we have taken to improve the resilience of our business through increasing our stock holding and investing in our operational and people capability have undoubtedly underpinned the good first half performance.
“We enter the second half of the year with confidence.”
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