In its interim results for the six months ended 30th June 2018, D2C mattress brand eve Sleep has revealed a net loss of £11.9m, despite YoY group sales growth of +63%.
The period culminated in the departure of CEO Jas Bagniewski in July, who was replaced on 10th September by James Sturrock, formerly MD of Moonpig. It also saw the company refocus its European efforts on the UK, Ireland and France.
Chairman Paul Pindar comments: "While there is much to be proud of in our H1 results, with sales growth of +63%, our group results fell short of our own high expectations. We have however taken swift and decisive action, including refocusing on fewer core markets where we have a leading position and significant growth potential, which has enabled us to reduce costs substantially.
"As you would expect from a new CEO, James is conducting his own strategic and financial review of the business and I have no doubt given his experience and capabilities, more improvements will be forthcoming. The market opportunity remains undiminished and eve, as the most well-known direct to consumer sleep brand, continues to win market share."
Since the period end, eve has launched a partnership with Dreams, through which it is "currently trading ahead of original expectations".
As part of its refocus, marketing and overhead savings are planned for H218, and the company has cut staffing by approximately 20%.
eve plans to launch a new TV advertising campaign later in the autumn, alongside further product launches in Q4.