Nantong, Jiangsu – Revenues at Chinese mattress maker Mlily, also known as Healthcare Co, shot up by 70% year-on-year in 2020 to CNY6.5bn ($1bn). Net profit rose by 1% to CNY346m.
Net profit less non-recurring items dipped 3% from a year ago to CNY350m, according to the company’s annual report, which was released in April.
The increased revenue was partly a result of consolidated sales from Mor Furniture For Less, the US furniture retailer Mlily acquired in 2019, the report said.
Mlily has been expanding globally, and now has five manufacturing sites outside China. Last year, foreign markets accounted for 87% of the company’s total revenue.
The newly added capacity in Spain had its first trial run in September 2020, and the site in the western US came on stream in February this year.
Mlily estimated China’s domestic mattress consumption at CNY7.7bn in 2019, up 13% from 2018.