DFS hires new CFO amid sales growth

// DFS hires new CFO as it reveals an underlying group gross sales growth of 7%
// The retailer hired previously CDO Mike Schmidt as new CFO with immediate effect
// In the 52 week period to June 30, DFS reports a 17% online growth

DFS has appointed a new finance chief in the midst of revealing an increase in like-for-like gross sales across all brands.

The British furniture retailer hired Mike Schmidt as chief financial officer and as an executive director with immediate effect.

Schmidt joined DFS in March 2014 as chief development officer, responsible for property, strategic development and investor relations activities.

He led the acquisition of Sofology in 2017 and more recently served as chair of Sofa Workshop and Dwell, before being appointed as DFS’s interim chief financial officer.

Moreover, according to DFS’s latest trading update, it had strong online growth of 17 per cent in the 52 week period to June 30, compared with the same period last year.

The retailer said it was “pleased with the progress being made” with its strategic transformation.

However, despite underlying group gross sales growing by seven per cent, DFS said it remained “mindful of the risk” of low consumer confidence levels, and that its progress was dependent on the backdrop.

Meanwhile, the retailer is on track to “transforming” the business to become the UK’s top sofa retailer, as it reveals its new company strategy.

“We believe the market will return to historical long-term growth rates in due course and that as clear market leader we are well-positioned to benefit, delivering strong levels of cash generation and attractive shareholder returns in the long term,” DFS said in a statement.

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