Upholstered furniture retailer DFS has seen record profits in its full year as EBITDA increased 2.5 per cent to £82 million despite a total sales drop, according to figures released today.
For the year ended July 28th 2012, total sales dipped 2.1 per cent to £624.7 million though the retailer pointed out that, following a sales fall of 10.3 per cent in H1, sales recovered to grow 6.6 per cent in the second half thanks to the retailer‘s continued focus on expansion.
During the year, DFS kept its expansion strategy on track and opened 13 new stores, including its first outside the UK which opened in Dublin over the period. In the UK, the first centre store opened on Tottenham Court Road London and the group has creates 500 new jobs in the UK in retailing and manufacturing as a result of this portfolio increase.
Since the beginning if the new financial year, one further store has opened, while the retailer has also continued to enhance its growing online presence.
Ian Filby, CEO at DFS, commented on the results, saying: ““We are pleased to have delivered a good result for the year, despite the tough trading environment.
“As we expected, the improving trend in performance during the year continued in the fourth quarter.
“The strength of our performance, under exceptionally testing market conditions, is a testament to the hard work and commitment of the whole DFS team.
“We remain confident in the future prospects for DFS based on our clear strategy, excellent products and outstanding people, and our expanding store and online presence.”