DFS reports “good” full year trading performance
DFS has said it delivered a good full year trading performance with all brands and channels achieving like-for-like gross sales growth.
The furniture retailer’s underlying pre-tax profit was up 31.1% to £50.2 million for the pro-forma 52 weeks to 30 June 2019 compared to the 52-week period to 28 July 2018.
Having recently changed its accounting year-end date to 30 June from 28 July, DFS said reported pre-tax profit in the 48 weeks to 30 June was down 13.2% to £22.4 million.
Tim Stacey, DFS chief executive, said: “Our trading performance for the last financial year was good overall, as we continue to execute our new strategy to lead sofa retailing in the digital age. Like-for-like growth across all brands and all channels, especially online and in Sofology, has enabled us to grow our market share and as we celebrate DFS’s 50th anniversary, we believe that our group is well positioned for the long term.”
Looking ahead, the company said it faces a particularly uncertain UK consumer market in the run-up to Brexit. It also revealed that weaker consumer confidence and fewer housing transactions in recent weeks have led to reduced footfall levels in its stores.
Stacey added: “Whilst DFS is not immune to the impact of the continuing political uncertainty, the board considers that the group is well placed to manage short-term market uncertainties and remains confidently committed to developing the group”.
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