Made.com has called out a “more challenging than anticipated” trading environment in the first half of the year.
The furniture retailer said it expects the situation to remain “highly challenging” for the remainder of the year, even with better comparables in the second half.
Made issued guidance with expectations that sales will either stand at 0% in the upper, or -15% year on year in the lower.
In these two scenarios, adjusted EBITDA will fall between £35m and £15m.
The retailer blamed the homewares sector as a whole, quoting data that suggests the online furniture market is down between 30% and 40% so far this year.
Made said it nevertheless expected to outperform the rest of the market this year with gross sales down 10% in the first quarter compared to last year.
Chief executive Nicola Thompson said: “There is no escaping the tough trading environment at the moment. However, we are laser-focused on executing our strategy and we are delivering strong progress across each of our strategic pillars.
“Our customers are at the heart of our business and we’re seeing a really positive reaction to our improved proposition, with average lead times consistently at the targeted three to four weeks average for the last two months.
“Made continues to outperform the online furniture and home market and I am confident the company will emerge in a very strong position.”
The retailer has appointed Patrick Lewis as its new chief financial officer as it seeks to enter the next stage of growth.
Lewis will replace Adrian Evans, who joined the business in 2017, on June 27.
He has spent the majority of his career at John Lewis Partnership where he was most recently chief financial officer.
Lewis said: “I am delighted to be joining Made, a company I have admired and watched with great interest. I am very much looking forward to working with CEO Nicola Thompson and the wider team as we continue to deliver against the company’s strong strategy.”
Made chair Susanne Given added: “On behalf of the board and the whole company, I would like to thank Adrian for his work over the last five years. Adrian’s calm professionalism and dedication were enormously important to the growth of the company, and he has played a key role in shaping strategy, driving growth and helping the company transition to a public company.
“As we look forward, I am delighted to welcome Patrick to the team. His extensive retail and digital experience will be a great asset to Made as we continue to grow the business.”
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