Mattress maker Simba posts record profits as rival store closures cushion sales
London-based sleep-tech company Simba has posted its highest ever half-year profits, as rival store closures cushioned sales.
Simba’s first-half sales soared 130 per cent in the weeks to 30 June, in comparison with the same period in 2020.
The company, which focuses on mattresses, had already seen strong sales growth of 66 per cent last year – when the pandemic pushed consumers to make home improvements.
Lasting trends
With mattress shopping typically an in-store affair, the online mattress maker’s results boomed amid Covid-19-related store closures.
But now bricks and mortars have reopened their doors in the UK, the company may see more competition.
“The easing of lockdown in the UK in April brought offline competition back into the market and whilst there have been more demands on people’s discretionary spend, an increase in costs of advertising and inflationary pressure in raw materials, Simba has proven more than resilient,” chief executive Steve Reid said.
“Sales performance through the lifting of lockdown has remained very strong. Added to our record sales and accelerating growth, the first half of 2021 has also been Simba’s most profitable ever.”
The pandemic may have sparked a permanent shift to online for mattress and sleep shopping.
Fellow London mattress maker eve Sleep saw the majority of its sales made online during Covid-19 restrictions, suggesting the trend may be a permanent shift.
Eve Sleep saw its overall revenue swell 13 per cent in the first half of this year, it reported last week, as consumers continue to seek sleep comfort as the UK opens up again.