DFS swings to full year loss
DFS has reported that group revenue for the year to 28 June fell to £724.5 million from £901 million a year earlier after trading was impacted by store closures during the Covid-19 lockdown.
In addition, the sofa retailer made an underlying pre-tax loss pre-IFRS 16 of £56.8 million which was driven by reduced margin from lower revenue levels.
However, DFS said its new financial year has started well due to growth in online sales and all showrooms now being open.
Tim Stacey, DFS group chief executive, said: “While the reported decline in profit is undoubtedly disappointing in headline financial terms, a significant proportion of this profit has already been recovered in the current year as we resumed customer deliveries.
“The current year has started very strongly with all showrooms now open and our digital channels continuing to grow. We believe that this growth is due to a combination of pent up demand from lockdown, consumers spending relatively more on their homes and the strength of the DFS and Sofology propositions in particular.”
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