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DFS sales increase amidst a "healthy furniture market"


DFS has recorded a rise in half-year sales on the back of strategic expansion and a “healthy furniture market.”

Gross sales for the 26 weeks to 30 January 2016 were up 7% compared to the period in the prior year.

The sofa retailer cited subsidiaries Sofa Workshop, Dwell and DFS Netherlands as contributing encouragingly to overall growth.

"Given this progress, we have continued to invest operationally to support the future growth of these businesses, resulting in an increase in operating costs in line with our expectations," DFS said.

In a statement released on Thursday the company also announced that Finance Director Bill Barnes will retire in the summer after almost 13 years of service. Nicola Bancroft, currently commercial finance director, will replace Barnes from 1 August 2016.

"Given broadly stable general macro-economic trends in the UK and all strategic initiatives on track, the board believes that the group is in a strong position to sustain its record of sales growth, market share capture and cash generation," said DFS.

"Overall the group enjoys excellent prospects to deliver long-term profitable growth, strong cash generation and a progressive dividend policy as one of the UK's best-known brands, a major British manufacturer and the country's leading retailer of upholstered furniture."

Published on Thursday 04 February by Veebs Sabharwal

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