DFS reports strong first quarter
DFS has reported a 53.7% rise in EBITDA in its first quarter to round off a record 12 month period for the sofa retailer.
In the 13 weeks to 1 November, group underlying EBITDA rose to £10.3 million from £6.7 million in the previous year.
Group gross sales in the quarter grew by 15.3% to £197 million, including an £8.4 million contribution from the Sofa Workshop and Dwell brands, which were consolidated into the group from 1 August. Underlying gross sales for DFS increased by 10.4%.
DFS chief executive Ian Filby said: “I am very pleased to report another strong quarterly performance, building on the momentum established in the second half of our last financial year. Our results aggregated for the last four quarters, covering the period ended 1 November 2014, represent a record twelve months for DFS.“
During the period, the retailer opened new stores in York and Ayr and has subsequently opened stores at Basingstoke, Oxford and Dublin. It also took its first step into Continental Europe with the opening of a new store at Cruquius in The Netherlands in early November.
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