DFS on track in first half
Sofa retailer DFS has said it maintained good sales growth throughout the first half its financial year after it benefited from a healthy furniture market and the success of its strategic initiatives.
Gross sales climbed by 7% in the 26 weeks to 30 January 2016 as the company continued to implement its growth strategy which involves opening new stores, developing its omnichannel proposition and widening its product and brand appeal.
Sofa Workshop, Dwell and DFS Netherlands all contributed to the sales growth. As a result, DFS is continuing to invest operationally to support the future growth of these businesses which has resulted in an increase in operating costs in line with expectations.
In a statement, DFS said expectations for its full-year financial performance remain unchanged. It added: “Overall the group enjoys excellent prospects to deliver long-term profitable growth, strong cash generation and a progressive dividend policy as one of the UK's best-known brands, a major British manufacturer and the country's leading retailer of upholstered furniture.”
DFS has also announced that its finance director Bill Barnes has decided to retire in the summer after almost 13 years with the business. Nicola Bancroft, who is currently commercial finance director, will become chief financial officer and an executive director from 1 August 2016.