Thursday, January 27, 2022

DFS posts record year of financial growth

Furniture retailer DFS has recorded a solid year of growth in all areas, including a jump of over 90 per cent in pre-tax profit.

Compared to last year‘s £33.3 million, the firm raked in £64.5 million in profit before tax according to its preliminary results for the 52 weeks to July 30 this year.

Gross sales were also up by 7.4 per cent compared to last year, from £913.1 million to £980.4 million.

Meanwhile, revenue went up 7.1 per cent to £756.0 million compared to £706.1 million last year, and underlying EBITDA was up 5.8 per cent to £94.4 million compared £89.2 million.

DFS chairman Richard Baker attributed its growth to its “tried and tested” growth strategy.

RELATED: Do DFS‘s half-year results signal a healthy furniture market?

“The tried and tested DFS growth strategy has delivered another set of record results and puts us in an excellent position, as the market leader, to continue to generate shareholder value,” he said.

“Our unique and flexible business model, the quality and commitment of our people, our family culture and our focus on customer satisfaction remain the key factors behind our continuing success.”

Chief executive Ian Filby echoed the sentiments: “It is naturally pleasing to again report record results that demonstrate the robustness of our business model, the effectiveness of our growth strategy and the excellence of our products and our people.”

Other highlights in DFS‘ financial year include a 35 per cent growth in branded upholstery orders, and a continued double-digit growth in online gross sales, profits and traffic.

DFS also opened three new stores in the UK and Ireland, and is currently trialling a small-store format in Bromley with an additional one set to open in Crawley.

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