Furniture and Home Decor Company WoodenStreet’s Profitable FY23 Revenue Nears Rs 200 Cr

WoodenStreet FY23 revenue

Three points you will get to know in this article:

  • WoodenStreet’s revenue jumped 48.1% to Rs 194 crore in 2023
  • Operational costs totaled Rs 196 crore, with furniture expenses up by 46.4% to Rs 123 crore.
  • Company’s current assets total Rs 126 crore, with strong cash reserves.

Introduction to WoodenStreet

Wooden Street is a furniture and home decor retailer with a significant physical presence, including 95+ experience stores across India and 350+ delivery centers. The company prides itself on providing well-made, elegant, and luxurious furniture to create an aesthetic home environment. Wooden Street has a strong focus on customer satisfaction, with over 10 lakh satisfied customers and a lowest price guarantee. Additionally, the company emphasizes sustainability in its operations, including a zero waste policy and sustainable raw material sourcing.

Financial Performance

WoodenStreet, the innovative hub for personalized furniture, continues to soar, witnessing a remarkable 50% surge in sales each year. Remarkably, despite this steady expansion, the roots of this Jaipur-born enterprise have remained firmly profitable over the last four years. In the fiscal year 2023, the company’s operational revenue leaped by an impressive 48.1%, hitting Rs 194 crore, a significant stride from the Rs 131 crore recorded in FY22.

Established in 2015, WoodenStreet is your go-to destination for all things home-related, offering a wide array of solutions ranging from sturdy solid-wood and modular furniture to kitchen and wardrobe essentials, as well as home decor, lighting, and furnishings. With a network spanning over 90 stores, we proudly serve a diverse clientele, providing access to over thirty thousand furnishing products to suit every taste and need.

Our primary source of revenue stems from the sale of furniture, furnishings, and decor items, reflecting our commitment to enhancing living spaces. Additionally, we generated a noteworthy income of Rs 3-54 crore through interest on deposits and investments, contributing to a robust total revenue of Rs 198 crore for the fiscal year concluding in March 2023.

Cost Breakdown

In the world of personalized furniture, getting all those amazing pieces together – from the comfy chairs to the dazzling decor – made up a hefty 62.7% of what we spent. And as our business grew bigger, so did that expense, shooting up by a whopping 46.4% to reach Rs 123 crore in FY23.

But hey, that’s not all! We’ve got our wonderful team, the rent for our awesome space, making sure folks know about us through ads, handling bank stuff, keeping the lights on, taking care of legal bits, and all those other costs that come with running a business. And all of those added up to a grand total of Rs 196 crore in FY23, leaping up by 50.8% from Rs 130 crore in FY22.

In the world of personalized furniture, getting all those amazing pieces together – from the comfy chairs to the dazzling decor – made up a hefty 62.7% of what we spent. And as our business grew bigger, so did that expense, shooting up by a whopping 46.4% to reach Rs 123 crore in FY23.

But hey, that’s not all! We’ve got our wonderful team, the rent for our awesome space, making sure folks know about us through ads, handling bank stuff, keeping the lights on, taking care of legal bits, and all those other costs that come with running a business. And all of those added up to a grand total of Rs 196 crore in FY23, leaping up by 50.8% from Rs 130 crore in FY22.

Asset Position

In March 2023, WoodenStreet boasted a handsome sum of Rs 126 crore in current assets, encompassing cash reserves and bank balances totaling Rs 45.2 crore. According to assessments, its enterprise value-to-revenue ratio stood at 6X, a commendable figure especially in comparison to similar consumer-focused internet companies backed by venture capitalists.

WoodenStreet, a flourishing hub for bespoke furniture, exhibited robust financial performance in 2023, with a 48.1% revenue surge to Rs 194 crore. The sale of furniture and decor contributed significantly to its revenue, marking a commitment to enhancing living spaces. Operational costs, including procurement and overheads, totaled Rs 196 crore, with furniture expenses increasing by 46.4% to Rs 123 crore. Moreover, with current assets of Rs 126 crore, including substantial cash reserves and a commendable enterprise value-to-revenue ratio of 6X, WoodenStreet stands as a strong player in the personalized furniture market.

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