The chief executive of premium home and furniture brand Neptune announced that the retailer was ready to begin the second phase of its strategy as it closed its financial year on a high note.
Neptune chief executive Mike Clark announced on LinkedIn that the brand had seen a return to growth in key categories as well as a return to “historic levels of EBITDA” with “strong cash and backing for growth”, at the end of its 24/25 financial year.
Clark told followers that the retailer had experienced a complex macro environment; however, it had completed the first phase of its strategy and was now looking forward to brand growth and investment. The retailer did not reveal specific financial results.
Clark said: “Our 24/25 year-end is complete and it was great to share the results across the entire business and partners to recognise the significant level of effort, impact and results the teams have delivered. It has been a complex macro environment, truly VUCA [volatile, uncertain, complex and ambiguous], but it is clear we totally nailed the first phase of ‘the heart of home’ strategy and we can now look forward to our second phase focused on brand growth and further business and operational transformation and investment.
“The year ended with record growth in kitchen and upholstery, discovering new ways of acquiring and retaining customers and making cash profit in every month. We are back to historic levels of EBITDA, with strong cash and backing for growth. We are winning, we are focused, we have momentum and now, because of these results, we are now investing.”
Clark also announced that its first circularity trial, Neptune ReNewed, has been successful and it is set to launch fully in March. The initiative allows shoppers to buy pieces of furniture that have been refurbished by the retailer at a lower price, including products that have been used in store displays or photoshoots, customer returns and some with small imperfections.
He said: “The Neptune story, service, product and proposition are truly unique, as we enter our 30th year backed by the original founders, critical support from HSBC and supported by the truly strong and capable Neptune team it is as exciting as it first was back in 1996, as we look to take the company to the next level. Well done team Neptune.”
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