There’s furniture retailer’s bad run is continuing today.
The post The Temple & Webster share price is being crushed, down 14% appeared first on The Motley Fool Australia. –
The Temple & Webster Group Ltd (ASX: TPW) share price is sinking today. It’s currently down 13.77% to $4.26, adding to the declines of recent times.
It’s down 30% since 28 April and it has fallen around 60% since the start of the 2022 calendar year.
But, it’s not just Temple & Webster that is suffering today. The All Ordinaries Index (ASX: XAO) is down 2.49%, with fellow retail shares Cettire Ltd (ASX: CTT) slumping 10.5% and Peter Warren Automotive Holdings Ltd (ASX: PWR) tumbling 7.7%.
There is currently a lot of market attention on the level of inflation that’s happening globally and how central bankers will need to raise interest rates to tackle this.
Recent trading update
Earlier this week, Temple & Webster told investors how its business is performing in an update.
In the second half of FY22, its trading was in line with management’s expectations with year-on-year revenue growth of 23% for the period of 1 January 2022 to 30 April 2022 compared to the same period in 2021. When compared to the same period in 2020, the business reported revenue growth of 116%.
Despite this growth, the Temple & Webster share price has been falling since this update.
The furniture and homewares retailer said its diversified supply chain “continues to hold up well” and underpin growth.
The company is also investing in areas that are helping it grow its competitive position, such as its private label offering.
Temple & Webster also recently launched the home improvement website The Build. It wants to become a sizeable digital competitor in the space.
The post The Temple & Webster share price is being crushed, down 14% appeared first on The Motley Fool Australia.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cettire Limited and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Cettire Limited and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
