CMOStores.com Reports Massive Profit Boost During Lockdown

ONLINE CONSTRUCTION products merchant CMOStores.com has reported half-year profit figures, showing an increase of 126% compared to the same period in 2019.

Sales exceeded £23 million from January to June 2020. This means that the company expects to close the year with increased revenues and profits across the group.

The uplift in sales in early 2020 meant that while other businesses were experiencing a difficult trading period, CMOStores.com not only retained existing staff on full-time contracts without using the government’s Job Retention Scheme, but actively recruited new personnel during this time.

Sue Packer, Chief Financial Officer of CMOStores.com

CMOStores.com’s Chief Financial Officer, Sue Packer, said, “We’re very proud to have achieved such excellent results at what has been a challenging time for many within the industry. As an online business, we have the agility to adapt quickly to a change in market conditions. This year that meant not only pivoting to remote working – which we managed with zero downtime within a matter of days – but bringing in additional colleagues to help us manage the increased demand.”

ThePlymouth based company has continued its growth trajectory of the past two years despite the lockdown. CMOStores says homeowners used the period to work on large-scale home improvement projects and turned to the company’s six e-commerce ‘superstores’ for their supplies.

Customer service investment

However, the strong performance began before the change in customer habits, which CMO largely attributes to its investment in improving customer service. It has focused on a seamless and reinvigorated user experience, and the roll-out of a new onsite personalisation solution to make it easier for customers to find the products they need.

Sue Packer added: “This commitment to putting the customer first, and anticipating their needs and priorities, has been proven to be the correct strategy for us, as our half year results demonstrate.

“Sales and profits have exceeded our expectations for the half year, and we have seen good results for our individual superstores too. In particular, our newest addition to the offering, the Doors Superstore, has achieved 30% growth since the first half of 2019.”

 

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