Eve Sleep, which floated on the AIM in May, has reported mounting pre-tax losses in its first-half, during which sales rocketed 126%.
The mattress-in-a-box retailer made a pre-tax loss of £9.1m, compared with £3.2m in the same period last year, as it invested in international expansion and growing brand awareness.
Sales rocketed 126% to £11.5m in the six months to June 30. UK sales grew by 107% while international sales jumped 153%.
During the period, Eve entered nine new territories. The direct to consumer sleep brand’s products are now available in 15 countries – “significantly ahead of schedule”, it said.
Bricks and mortar
Earlier this week, Eve launched a tie-up with German department store chain Karstadt as it ramps up its international ambitions.
The deal will see Eve, which specialises in mattresses, pillows and bed frames, take physical space in all 79 of Karstadt’s stores across the country.
It came two months after the firm extended its tie-up with Next Home to 55 stores as it presses on with plans to beef up its bricks-and-mortar presence.
Eve also boasts a presence in a number of Debenhams, Fenwick and Bentalls stores across the UK.
Its chief executive Jas Bagniewski said: “Our maiden results as a listed company demonstrate extensive strategic progress and strong trading momentum. In tandem with the topline growth, the benefits of scale are starting to come through with improving cost metrics, particularly in the more established UK business.
“This will be further enhanced by our recent retail partnerships with Next Home and Karstadt, which, in addition to increasing brand awareness, provides a nationwide network of high-quality outlets for those customers who still prefer to try before you buy, in Europe’s two largest mattress markets.”
Eve said that the momentum has continued into the second half of its financial year, with underlying sales growth up 129% in July and August.
It claims that, on the basis of unprompted brand awareness, it is now the eighth-most-recalled mattress brand in the UK – ahead of Ikea.