Patrick Lewis Steps In as Made.com Faces Challenging Market Conditions

  • Made.com issues profit warning due to expected drop in sales and revenues
  • Patrick Lewis appointed as new CFO, succeeding Adrian Evans
  • Gross sales now expected to reach £1.2bn later than previously anticipated
  • Online furniture and home market down 30-40% this year, Made’s Q1 sales down 10% compared to Q1 2021 but up 64% compared to 2019
  • Adjusted EBITDA includes £5m in one-time costs related to supply chain disruption
  • Working capital higher than planned due to weaker market demand, but improvements made will reduce H2 order intake
  • CEO Nicola Thompson remains confident in the company’s strategy and performance

Online furniture retailer Made.com has issued a profit warning, citing a drop in sales and revenues for the year. The company expects gross sales to reach £1.2bn later than previously anticipated due to a weaker market backdrop in 2022. Patrick Lewis has been appointed as its new CFO, succeeding Adrian Evans, who will step down on June 27th. Despite the challenges, CEO Nicola Thompson remains confident in the company’s strategy and performance, stating that Made continues to outperform the online furniture and home market. The retailer’s Q1 sales were down 10% compared to Q1 2021 but up 64% compared to 2019.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Made.com’s profit warning, new CFO appointment, and the company’s performance compared to market trends. It also includes quotes from CEO Nicola Thompson and the incoming CFO Patrick Lewis. The information is relevant, objective, and well-structured.
Noise Level: 3
Noise Justification: The article provides relevant information about Made.com’s financial performance and leadership changes, but it lacks in-depth analysis or exploration of long-term trends or consequences of decisions. It also does not offer significant actionable insights for readers.
Financial Relevance: Yes
Financial Markets Impacted: Made.com’s stock price and online furniture/home market
Financial Rating Justification: The article discusses a profit warning from Made.com, a company in the online furniture and home market, and its impact on their financial performance and future expectations. It also mentions the appointment of a new CFO, which could potentially affect the company’s strategy and operations. This has implications for investors and the overall market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk