Temple & Webster sales jump as customers buy bathroom fixtures, ceiling fans

Shares in Temple & Webster have scaled new heights after the online furniture retailer revealed net profit more than doubled in the first half, fuelled by growing demand for bathroom fixtures and ceiling fans.

Temple & Webster on Thursday said net profit surged 118 per cent to $9 million, with revenue growing 24 per cent to $313.7m in the half year to the end of December. UBS had forecast sales to hit $311m.

The strong result sent shares closing at a record high of $16.14.

The Mark Coulter-led company sells over 200,000 products — ranging from furniture, homewares and home renovation — and operates a drop-ship model where suppliers ship directly to customers.

Temple & Webster told investors home improvement was its fastest growing category, reporting a 41 per cent growth in revenue to $20.3m “as customer awareness of our offering grows, driven by both new and repeat customers”.

“Our home improvement business continues to grow strongly, providing us with access to a $17 billion-plus market with no online-only dominant market player and low online penetration,” it said.

The retailer — worth just under $2b — said private label penetration of home improvement increased markedly since 2023, with continued success in Temple & Webster’s own collection of vanities, tapwares, basins, toilets and ceiling fans.

“Temple & Webster has again delivered a record half, with strong performance against all key metrics, against a challenging macro and consumer backdrop,” Mr Coulter said.

“We continue to deliver on our mission of providing beautiful items for the home at great value, as reflected in our strong revenue, active customer and market share growth.”

Providing a trading update, Temple & Webster said the sales growth had continued into the second half. Revenue is up 16 per cent in the six weeks to February 10.