Sales growth at furniture firm Made hit by Covid-related factory closures in Vietnam
Furniture retailer Made has said its sales growth was hit after its Vietnamese factories were forced to close during Covid restrictions earlier this year.
The online retailer said disruptions resulted in 20 per cent of its most popular furniture ranges being unavailable during its peak autumn trading period.
Its key factories have now all opened again while dispatching product and shipping disruptions have been easing, the company confirmed.
In a year-end trading update on Thursday, the company posted 38 per cent gross sales growth to £434m, compared to 2020. Sales were up 79 per cent compared to 2019, before the Covid pandemic hit.
The company posted a strong second half performance, with £220m gross sales, a 25 per cent year-on year growth and two year growth of 69 per cent.
Other major retailers to report supply chain challenges following tough Covid rules in Vietnam earlier this year have included US apparel giant Nike, which also shut factories.
The home brand made its London stock market debut in June last year, following a £775m initial public offering.
Philippe Chainieux, CEO of Made said the company had introduced measures to help it navigate global supply challenges.
He said: “I am delighted with how well the business is performing, with strong customer growth in all markets and the self-help measures implemented in the second-half of 2021 now mitigating the impact of industry wide supply chain issues.
“Indeed, by the end of the first-half, we expect average lead times to be significantly below pre-lockdown levels and, with the acceleration of the homeware product range, the company is well positioned to deliver its strategic initiatives in 2022.”
Made expects to achieve a target of three to four weeks average lead time during the first half of 2022, after building stock positions.