DFS hails strong full year performance
Upholstered furniture retailer DFS has said it expects to achieve a record performance for its full year with results towards the upper end of market expectations.
In a post-close trading update, the company reported that revenue for the year to 30 July has risen by 7% with second half revenue also up 7% year-on-year.
Revenue growth was boosted by the contributions from DFS’s Sofa Workshop and Dwell subsidiaries, which together added circa 1% to overall growth in both the second half and full year.
The company said: “This robust and consistent performance reflects the implementation of DFS’s proven growth strategy, building on its established market leadership to further broaden product and brand appeal.
“This growth strategy is delivering ahead of the board’s expectations in a number of areas and generating revenue growth above that seen in the retail furniture market.”
DFS revealed that trading since the EU Referendum result has not shown any weakening in demand although its board recognises that UK furniture retailing faces an increased risk of a market slowdown with additional cost pressures from foreign exchange movements.
It added: “Overall the group remains very well positioned to mitigate economic headwinds with resilient features in its operating model giving it the potential to achieve continued growth in its share of the UK retail furniture market were such adverse conditions to arise and persist.”
DFS expects to announce its preliminary results on 6 October.
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