Made.com losses narrow despite ongoing supply chain woes

Furniture retailer Made.com has seen its first half losses narrow after revenue climbed by 61% to £171 million.
“I am very pleased with the progress made in the first half of the year." : Made.com CEO.
// In the six months to June 30, gross sales reached £213.9 million compared to £138.6 million in 2020
// Its first-half profit margins took a hit from higher shipping costs driven by global supply chain issues

Furniture retailer Made.com has seen its first half losses narrow after revenue climbed by 61 per cent to £171 million.

In the six months to June 30, gross sales reached £213.9 million compared to £138.6 million a year earlier.

However its first-half profit margins took a hit from higher shipping costs driven by global supply chain issues that could last until next year and delay orders.

Despite this, the retailer achieved particularly strong sales in its second quarter when revenue surged by 84 per cent to £89 million.

The results meant that Made’s reported losses before tax came in at £10.1 million compared to £15.2 million in the same period in 2020.

Made.com chief executive Philippe Chainieux said: “I am very pleased with the progress made in the first half of the year, which is in line with the long-term goals set out at our IPO in June. We have continued to see strong and sustained consumer demand for our exclusive, design-led products and have gained significant market share with growth in all eight of our markets.

During the period, Made grew its design led range with accelerated new product releases.

The retailer also said it made encouraging progress on the beta testing of its curated marketplace as it looks to enhance its homeware range by offering third-party brands.

Looking ahead Chainieux said: “We have multiple levers to drive superior growth and will continue to strengthen our model through the ongoing implementation of our strategy: to invest in our unique customer proposition through further developing our curated, design-led range, enhancing customer experience, investing in our brand and expanding internationally. I am confident in the outlook for the full year and in Made’s long-term growth.”

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