Cox & Cox sees sales jump
Interiors etailer Cox & Cox has seen sales leap amid lockdown.
Sales rose by 59% in the past quarter after rising 75% in the first quarter.
The increases were driven by increased sales in outdoor living and furniture. The largest uplifts were in desks, office chairs and shelf units as consumers shifted to creating more permanent home offices. In outdoor living, hanging chairs, both single and double, sold in record numbers.
It also saw profits rise by 4.6% and by 6% on budget.
‘This is a very strong set of results, and we have continued to grow share and improve customer performance throughout the quarter. Most encouraging is the way that the business has responded to the golden problems that running ahead of forecast has created, developing and executing solutions quickly and collaboratively,’ says Richard Bell, Cox & Cox ceo.
Sales peaked in May with an increase of 96%. Customer retention has increased 25% over the last quarter, while new customer acquisition has more than doubled.
The increases have continued through the summer with sales 170% higher in August.
‘We go into Autumn with a much bigger, more engaged base than we were expecting, and our new ranges and Christmas are already selling well. We expect to attract even more interest as we get deeper in the season and operationally are well placed to take full advantage,’ says Bell.