DFS said it achieved record market share last year, despite a dip in sales, as it expects profits to grow in the next 12 months.
The furniture retailer shared in a trading update that its share of the market hit 38% in the year to 25 June 2023, attributing the increase to “the group’s leading brands, scale and well-invested integrated retail proposition”.
It said it was on track to deliver an underlying pre-tax profits and amortisation of slightly above £30m, “despite the market being significantly worse than expected”.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Sales slipped 4% year-on-year, although were 15% higher than the last pre-pandemic year.
Looking ahead, DFS is expecting “market volumes to decline by mid-single digits for the full year” compared to the 15-20% plummet last year. It also forecasts profits to be slightly higher in the coming 12 months.
Group chief executive Tim Stacey said: “We are in the strongest position we have ever been as a group in terms of market share, and when the market recovers, we will be well placed to deliver our strategy and grow our earnings and cash flows towards our longer term plan”
Click here to sign up to Retail Gazette‘s free daily email newsletter
