Online furniture retailer Made.com has shared its full year results for 2021. The cross-border seller reports a loss before tax of 37.8 million euros. This is a further decline of 18.8 million euros when compared to the year before. According to the company, this is a result of global supply chain challenges and inflation.
Made.com sells furniture ordered directly from designers. It was founded in 2010 in the UK and sells its product in Germany, Switzerland, Austria, France, Belgium, Spain and the Netherlands through its ecommerce platform.
Adjusted EBITDA of € -17.2 million
According to the company's financial results, Made.com generated a revenue of 448.1 million euros in 2021. This is a 50 percent growth when compared to its revenue of a year earlier (298 million euros). The company also reports that its gross margin for 2021 was 46.3 percent, a decrease from 2020 when its gross margin was 53.2 percent.
‘Made.com's gross margin for 2021 was 46.3%.'
Its adjusted EBITDA reached a loss of 17.23 million euro, which is a further decrease of 11.1 million euros when compared to the year before. This lead to a loss before tax of 37.8 million euros.
According to Made.com, the negative results are a result of global freight inflation and supply chain disruptions. In addition, it also reports one-off IPO related charges of 6.4 million euros that added to its loss before tax.
Optimistic about the future
The company has appointed a new CEO, Nicola Thompson, and remains optimistic for this year's financial results. “Growth will be driven by our improved customer proposition, through improved experience, broader product choice and through enhanced reach. We expect a full year revenue of up to 602.4 million euros”, the company announced in a press release.
‘We expect a positive adjusted EBITDA over 6 million euros in 2022.'
It also expects a positive adjusted EBITDA between 6 and 18 million euros. This can be achieved when supply chain disruptions normalize by the end of 2022. On the long term, the company wants to surpass a total gross sales worth of 1 billion euros by 2025.
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