MADE Reconfirms Gross Sales Guidance Of +40%

MADE, the leading digital native lifestyle brand in home, confirms 2021 gross sales growth guidance of +40% year-on-year to c.£440m. Second half performance has been strong, including a successful cyber week event. The strong growth has been achieved while maintaining marketing efficiency and delivering improving repeat order mix.  MADE has continued to deliver meaningful market share gains, which is testament to the strength of the MADE brand, the execution of MADE's strategy and the ongoing channel shift of the sector to online. 

Strong consumer demand for MADE products comes against the backdrop of significant ongoing industry wide supply chain disruptions, which have worsened in recent months, negatively impacting the timing of stock intake. These included the recent extended closure of manufacturing in Vietnam, further port congestion and extended shipping times. As indicated at MADE's interim results, the timing of stock intake affects the timing of revenue recognition. Due to increased disruptions, MADE now anticipates a greater proportion of revenue to be delayed to early 2022, with a corresponding higher level of deferred revenue for 2021. Consequently, there will be a timing implication on adjusted EBITDA associated with delayed revenue recognition as shown in the table below. MADE anticipates no impact to the cash position. 

MADE has continued to deliver significant progress on its key strategic priorities as set out at the time of the IPO. On supply chain, the group has built stock positions to deliver significantly better lead times to consumers for 2022 and beyond as orders placed with suppliers are now in or close to our warehouses. The progress is based on foundational work already undertaken over the last 12-18 months, focusing on warehousing and logistics. Additionally, supply of goods from Vietnam has now returned to close to normal levels, with all key suppliers now operational. MADE has continued to make great progress on its homeware proposition and now has more than 100 designer makers, artisans and small brands onboarded to the curated marketplace. 

MADE will provide a year-end trading update on 6 January 2022.

Source : MADE

Image : MADE

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