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Dunelm expects full year profit to beat estimates

Dunelm has said its full year profit is likely to be slightly ahead of current market expectations after sales increased by 6% to £381 million in… View Article

HOME AND DIY RETAIL NEWS

Dunelm expects full year profit to beat estimates

Dunelm has said its full year profit is likely to be slightly ahead of current market expectations after sales increased by 6% to £381 million in its fourth quarter.

In the 13-week period to 1 July, digital sales made up 39% of total sales, which is two percentage points higher than at the same time in the prior year,

During the quarter, Dunelm reduced prices on over 1,000 lines. The retailer said its product offering resonated strongly with customers, as cooler drove sales of bedding and rug ranges and warmer temperatures boosted sales of garden furniture and decorations.

Nick Wilkinson, chief executive of Dunelm, said: “The breadth and relevance of our product offer has continued to resonate with our home-loving customers over the last quarter of the year. This has been reflected in our strong financial performance despite the challenging broader consumer backdrop.

“Against this backdrop, our commitment to value is stronger than ever. During the quarter we lowered prices on over 1,000 lines, and our customers were also able to take advantage of great offers in our summer sale.”

The fourth quarter performance means that Dunelm now expects pre-tax profit for its full year to be slightly ahead of current analysts’ consensus of £188 million. Full year sales have risen by 6% to £1.63 billion.

Looking ahead, the retailer said it sees significant headroom to deliver further profitable growth as it continues to invest in digitalising and developing its business to improve the customer offer and to make its operations more efficient.

Wilkinson added: “We have a strong business model, with committed colleagues and suppliers, who strive every day to improve our customer proposition. We continue to focus on further strengthening our product mastery, developing our stores, enhancing our digital channels, and building out our marketing ecosystem, in order to create an even better experience for our customers.

“With these improvements to our customer proposition and business capabilities we see a compelling opportunity for sustainable
and profitable growth and are confident about the future.”

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