Temple & Webster Aims to Double Annual Sales in Three Years

Temple & Webster, the online furniture retailer based in Australia, has set an ambitious target to more than double its annual sales within three to five years. Despite reporting a 7.2% decline in sales revenue for the 12 months through June, the company remains optimistic about its growth potential.

According to Chief Executive Mark Coulter, Temple & Webster’s target is based on conservative market assumptions. The company aims to reach AUD 1 billion in annual sales, assuming that the overall furniture and homewares market remains stable during this period. Coulter believes that sales growth will come from gaining market share and tapping into the increasing trend of local consumers spending more online, following in the footsteps of their overseas counterparts.

Coulter expressed his confidence in the company’s growth prospects, stating, “We assume that Australia really catches up to the U.S. and U.K. in the next three to five years.” He anticipates that as the macroeconomic conditions improve, Temple & Webster’s current growth rate of 16% will only further accelerate.

To support its expansion plans, Temple & Webster intends to diversify its advertising approach. Starting from October, the company will extend its marketing efforts beyond digital platforms to include traditional TV and out-of-home channels. This move is expected to boost brand awareness and attract a wider customer base. As a result, Temple & Webster plans to allocate an additional 2%-3% of its revenue towards marketing in fiscal years 2024 and 2025.

Temple & Webster’s goal of doubling its annual sales is a bold ambition that capitalizes on the growing demand for online furniture shopping. With a strategic focus on market share gains and increased advertising efforts, the company aims to position itself as a dominant player in the Australian market and close the gap with international competitors.