DFS breaks billion pound sales
By Richard Wright | 23rd September 2021
More time spent on the sofa during Covid lockdowns helped sales for furniture store DFS - with a branch in Cheltenham - bounce comfortably through the £1 billion barrier.
Underlying pre-tax profit climbed 55% on 2019 figures to £105.8 million, after a loss last year, while revenue rose 9.7 per cent to £1.06 billion in the year to 27th June.
The retailer reports growth in new orders was 'significantly stronger' than the revenue growth, driven by pent-up demand from lockdown one, and a shift in consumer spending.
It adds that the constraining factor is the pace of meeting orders, which depends on supplies and manufacturing capacity.
Tim Stace, DFS chief executive, said: "Our record profits delivery is a fitting tribute to all the hard work of our colleagues and testament to the resilience and flexibility of our integrated business model.
"Despite numerous operational challenges during the pandemic, I'm proud that we have remained focused on our strategic agenda to lead sofa retailing in the digital age.
"We also see further growth opportunities into the medium term derived from extending the reach of our retail brands and optimising our operating platforms.
"As we enter a new financial year, the group is very well positioned to build on its market leadership position in sofa retailing and to target further growth as we invest to strengthen our business platforms and extend our retail proposition into adjacent product categories."
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