“We don’t think there is going to be a mass migration to entry-level products... but definitely we are looking to import and promote products which customers can afford,” Coulter told this masthead.
Temple&Webster shares plunged by more than 26 per cent during Tuesday’s session after the company revealed its profit had dropped to $3.8 million for the half and the group had started off January with a drop in overall sales.
Shares were trading at $3.65 in the early afternoon - a decline of 73 per cent on the group’s closing high of $13.86 during the COVID sales rush in November 2021.
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Coulter said the group was focused on offering better value than bricks-and-mortar furniture competitors as shoppers worked to make their money go further in the face of rising interest rates and inflation.
“Obviously the rate rises are not great for the consumer;however,furniture is less discretionary,” he said.
He remained optimistic about the long-term growth opportunities for the business despite the current challenging economic conditions.