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DFS enjoys buoyant first half sales
Furniture retailer DFS saw its gross sales climb by 7% to £461.3 million in the first half of its financial year as its growth strategy remained on track.
In the 26 weeks to 30 January, EBITDA rose by 12.3% to £31 million.
DFS chief executive Ian Filby said: "I am pleased to report continued good sales growth through the first half of our financial year, reflecting the success of our growth initiatives and the current health of the furniture market environment.
“Given broadly stable general macro-economic trends in the UK, we have confidence that our strong competitive position and strategic initiatives mean that the group is well placed to sustain its record of sales growth, market share capture and cash generation over the year as a whole."
The company opened one new UK DFS store Christchurch in Dorset in the period and also launched a fourth Republic of Ireland shop in Limerick. DFS expects to open at least one more store in the traditional DFS store format during the second half, in line with its policy of opening three to five such UK and Republic of Ireland stores each year. The company also opened a second store in The Netherlands in the first half.
Following the success of its initial DFS small store format trial in Westfield Stratford, DFS has now identified two further sites to allow the trial to be extended, the first of which will open in the Intu Bromley shopping centre next month.
DFS chairman Richard Baker said: "Our unique, flexible business model combines vertical integration, market-leading scale and omnichannel capabilities with the culture of a family business, providing us with an excellent platform to develop the many further opportunities available to the group in the UK and internationally with a view to continued long term success."