Somerset-based online homewares retailer Cox & Cox has reported sales growth of +74.5% YoY for its financial year ended January 2021.
A strong Q4, with sales up +85.4% on the previous year, rounded off another strong year of growth.
With Christmas in the mix (historically Cox & Cox’s busiest trading period), CEO Richard Bell (pictured) had anticipated an extremely busy start to the quarter, with order volumes significantly up on last year. “It’s the most time sensitive part of the year, so we aimed to pull demand forwards as much as possible, putting the onus firmly on operational efficiency and good customer service to cope with seasonal orders smoothly and in time,” he says.
This planning paid off, states the etailer, and despite a +68% increase in the volume of orders compared to the Christmas period in the previous year, this impressive set of results was achieved, including an even sharper increase in EBITDA.
January saw the strong performance continue. Cox & Cox describes it as "an extraordinary month", with the SS21 season launch "running at over +200% up" YoY, "boding well for 2021".
Q4 finished up +85.4% YoY, with the number of orders up +68%.
“We have improved revenue per customer in every cohort, while more than halving the cost per acquisition for new customers," continues Richard. "All departments continue to trade up, and we’ve added over 400 new lines for the SS21 launch, with more to come.”
Furniture continued to perform well, with sales up +149% YoY. According to Cox & Cox, demand for desks and other home office furniture continues to be high, as many businesses plan for a hybrid approach to working, post lockdown. Desks sales alone were up +831% and office chairs up +2036% YoY in Q4, and Cox & Cox expects this trend to continue into Q1 2021 – and has further increased its new office range accordingly.
The period also saw the launch of Room Builder, an augmented reality (AR) experience for customers.
“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," adds Richard. "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.”