DFS trading ‘significantly ahead’ of expectations
DFS has said its orders have come in significantly ahead of expectations in the last six weeks.
In a trading update, the furniture retailer said trade has been strong both in its stores and online with year-on-year order intake growth equivalent to around £70 million in revenue.
DFS attributed the performance to consumers spending more on their homes relative to other sectors, pent-up demand caused by the Covid-19 lockdown, and its hybrid digital and physical retail offering.
Despite the strong start to its new financial year, DFS said it was difficult to assess the outlook beyond the short term due to uncertainty surrounding the Covid-19 pandemic and the potential impact of Brexit.
It added: “Notwithstanding these risks, recent trading and our current momentum does increase our earnings resilience and it has significantly strengthened our financial headroom. Furthermore, the board continues to have confidence that the business is well-positioned to capitalise on opportunities as its markets recover.”
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