DFS delivers ‘robust’ results in subdued market
DFS has said it delivered robust financial results in its first half despite a subdued upholstery market.
In the six months to 28 December, the retailer’s revenue increased by 8.6% to £547.7 million as its order intake grew by 2.3% year-on-year.
Subscribe to TRBMeanwhile, underlying pre-tax profit before brand amortisation rose significantly, climbing to £30.9 million from £17 million a year earlier.
DFS said it had benefited from its transition to more integrated group functions in recent years, which has enabled it to better leverage its scale, data and skills across the group and operate more efficiently.
Tim Stacey, DFS chief executive, said: “In summary, the first half performance was reflective of our strengthening business and the dedication of our colleagues across the group.
“We delivered robust financial results in a subdued market environment and improved our financial position.”
Giving an update on more recent trading, DFS said there had been a softening in footfall since the end of the first half due to the impact of some adverse weather. However, it has reiterated its full year underlying pre-tax profit guidance of between £43 million and £50 million, assuming no material supply chain disruption resulting from events in the Middle East.
Stacey said: “As we look to the second half of the year and beyond, we remain focused on executing our strategy, driving profitable growth, strengthening our balance sheet and delivering long term value for our shareholders, customers and colleagues”
