DFS hails record year following successful growth strategy
Pre-tax profit climbed to £64.5 million in the 52 weeks to 30 July from £10.7 million a year earlier. Meanwhile, underlying EBITDA rose by 5.8% to £94.4 million with revenue climbing by 7.1% to £756 million.
The retailer said it had benefited from improved consumer confidence, housing market activity and consumer credit availability which has enabled the UK retail furniture market to continue its recovery from the low point it reached in 2011.
DFS chairman Richard Baker added: "The tried and tested DFS growth strategy has delivered another set of record results and puts us in an excellent position, as the market leader, to continue to generate shareholder value. Our unique and flexible business model, the quality and commitment of our people, our family culture and our focus on customer satisfaction remain the key factors behind our continuing success."
During the year, the retailer opened three new 10,000 to 15,000 square foot DFS stores in the UK and Republic of Ireland. It also launched a small store trial in Bromley in Kent and plans to open a further small store in Crawley shortly.
The retailer said its Netherlands stores are trading in line with expectations.
DFS chief executive Ian Filby said: "It is naturally pleasing to again report record results that demonstrate the robustness of our business model, the effectiveness of our growth strategy and the excellence of our products and our people. Together these unique assets give DFS the proven ability to achieve consistent outperformance of the retail furniture market over the long-term."
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