Profits and gross margins up for Dunelm Group plc
The specialist out-of-town homewares retailer, announces its preliminary results for the 52 weeks to 3 July 2010.
Sales were up 18.2% to £492.8m, including like-for-like increase of 8.0% and gross margin up 190 basis points to 46.8% (2009: 44.9%).
The companies’ operating profit grew 46% to £75.5m with profit before taxation up 46% to £76.8m.
Dunelm opened ten new superstores in the year, giving space growth of 14% and two further units opened since year-end, eight more contractually committed, plus one superstore relocation.
Will Adderley, Chief Executive, said, ‘These excellent results confirm the strength of Dunelm's business model and I am delighted to see the efforts of everyone within the Dunelm team bear fruit in this way.‘
‘We remain as committed as ever to pursuing further profitable growth and the pipeline of new store openings for the year ahead is very positive. I am excited by the ways in which our offer keeps developing and the strength of our like for like sales growth over the last financial year demonstrates that our customers are responding very positively to our offer’.
‘Whilst we are clearly operating in challenging economic conditions, and we expect to see continuing pressure on consumer spending, performance in the early weeks of our new financial year has been pleasing.
"By continuing to invest prudently in important areas of our infrastructure, we will be able to capitalise on the firm foundations already in place and continue to grow the business'.
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