WoodenStreet to open 300 stores in the next 24 months

Leading home furniture & decor brand WoodenStreet has announced that it has increased its scale significantly and witnessed approximately 50% growth in margins over the previous year, as it announced its results for FY 2022-’23.

The company announced revenue clocking to approximately INR 200 crore for FY22-23. And, with a determined eye on the future, the brand has unveiled its ambitious target of INR 500 crore for FY23-24, signaling its readiness to scale even greater heights, informs the company statement.

The company informs  that it has been consistently growing at a 60-65% annual growth rate in India since its inception. Its margins experienced a 50% surge compared to the previous fiscal year and they’ve successfully maintained a positive EBIDTA of INR 8 crore, underlining its operational efficiency 

“In a digitally-driven age, WoodenStreet has maintained a striking balance between its online and offline presence. The company has added 45+ new stores in the last 12 months. WoodenStreet has strategically expanded its physical presence since 2015 with over 90+ Experience Centers PAN India & manages warehouses and R&D Units spanning over 20 Lakhs sq ft,” says the company.

“As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months,” said, Lokendra Ranawat, CEO, WoodenStreet.

"Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and most importantly, to serve our customers better each day,” he further added.