DFS has swung to profit, posting record half-year results that seemingly highlight the success of its expansion.
Group gross sales for the 26 weeks to 30 January 2016 rose 7% to £461.3m, totalling a 6.2% increase in DFS sales, together with increased contributions from Sofa Workshop and Dwell.
In the furniture retailer’s international markets, prospects are looking good in the Netherlands. The company acquired DFS Spain in October 2015, aimed at British expatriates. DFS said this is trading well following the overhaul of its showroom in San Javier, Murcia.
DFS also announced that Finance Director Bill Barnes will retire in the summer after nearly 13 years’ service. Nicola Bancroft, currently serving as Commercial FD, will become chief financial officer from 1 August 2016.
“These record results confirm the success of our strategy and the quality of the DFS team at every level,” said chairman Richard Baker. “The creation of the executive committee further strengthens our already strong operating management, while our CFO succession ensures continuity in this vital role.
Our unique, flexible business model combines vertical integration, market-leading scale and omnichannel capabilities with the culture of a family business, providing us with an excellent platform to develop the many further opportunities available to the group in the UK and internationally with a view to continued long term success.”