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Temple & Webster (ASX:TPW) share price surges on strong FY22 update

The Temple & Webster Group Ltd (ASX: TPW) share price is up 11% after the e-commerce company gave a strong FY22 update.

Temple & Webster FY22 sales accelerate

The online furniture and homewares business announced its audited FY21 result today, though investors have already seen many of the numbers a month ago.

Today, management re-iterated that FY21 was a record year for revenue, profit and customers.

Full year revenue increased by 85% to $326.3 million. The EBITDA (EBITDA explained) jumped 141% to $20.5 million. Net profit after tax (NPAT) was $14 million, this was up 165% on a normalised basis (excluding deferred tax adjustments).

Temple & Webster generated positive cashflow in the year and ended with a cash balance of $97.5 million.

The number of active customers increased by 62% year on year to 778,000 whilst trade and commercial revenue went up 110%.

FY22 trading update

A month ago, Temple & Webster said that in the period of 1 July 2021 to 24 July 2021, the company had seen year on year growth of 39%.

However, the business revealed that it has seen even faster growth since then. For 1 July 2021 to 27 August 2021, revenue was up 49%.

Temple & Webster CEO Mark Coulter said:

While the start of FY22 has been difficult for many Australians, we remain focused on strengthening our customer proposition, built around having the biggest and best range of furniture and homewares, combined with inspirational content and a great customer service experience. With the new financial year starting strongly with sales up 49% on last year, it shows the strength of the Temple & Webster proposition.”

Is the Temple & Webster share price an opportunity?

In terms of revenue and profit, the e-commerce business seems to have a very compelling future. It points to strong tailwinds like the ongoing adoption of online shopping due to structural and demographic shifts, as well as an acceleration of that due to COVID-19.

Temple & Webster wants to become the largest retailer (both offline and online) for furniture and homewares in its home market.

However, the actual Temple & Webster share price is certainly priced for some of that success. But if it manages to keep growing strongly for years then today could still be good value today.

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At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.

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