Eve Sleep reports revenues ‘in line’ with expectations

Eve Sleep has reported its group revenues have been “in line with expectations” for the four months ended 30 April, despite the Covid-19 pandemic.

In the period to 30 April, the retailer reported net cash of £7.5m compared with £8m in its previous update (31 December 2019).

Eve Sleep said improved trading in April continued into May, after the disruption of the initial lockdown period from the middle of March. 

The company said sales of its premium mattress range and bedframes continued to “exhibit strong demand”, and it has experienced an increase in sales of its pillows, bedding, toppers and single mattresses as households adapt to life in lockdown.

Eve Sleep said it clearly benefited from the lack of high street competition during lockdown, but warned uncertainty around the trading environment for the remaining seven months of the financial year, including the “ongoing strength of consumer demand and industry competition”, as store based retailers advance their plans to re-open as early as June.

The company also announced that its CEO Cheryl Calverley will formally be appointed to the board as of 1 June 2020. 

Calverley became the company’s chief executive officer on 12 May 2020 following a formal handover period. 

She said: “Eve has shown remarkable resilience through this complex period, with a robust supply chain and collaborative and responsive team culture. 

“We have grasped the opportunity offered by the depressed TV market to run our existing, highly effective campaigns in both the UK and France, which have seen a strong response and resulted in further gains in marketing efficiency.”

She added: “I am confident that our online focused proposition, core strategy and breadth of our award winning product suite will enable us to navigate ongoing market uncertainty and the return of primarily store based competition. 

“We remain obsessive about seamlessly delivering better sleep for our customers, and carefully and systematically growing our impact on sleep through products, partners and markets.”