DFS Profits Double After Furniture Group Attracts More Middle Class Buyers
High-end: DFS saw profits double after attracting more middle-class consumers
Capturing a growing number of middle-class buyers more than doubled profits for furniture group DFS, which yesterday released its first results.
DFS made a pre-tax profit of £ 10.7million from £ 3.6million last year, after sales rose 7% to £ 913.1million.
In its first round of results since its release in March, DFS offered a 9.3p dividend and said its performance was “particularly satisfactory” given the uncertainty surrounding the general election, its London roster and the fact than last year there was an extra week. Trade.
Managing Director Ian Filby said: “The dividend we recommended is a clear expression of our belief that we will continue to generate both attractive earnings growth and cash returns for shareholders.”
DFS, which floated before the stock market’s turbulent summer, said its debt had been reduced more than expected when it went public.
Meanwhile, housewares retailer Dunelm said first-quarter trading was strong thanks to a renewed product line.
She reported a jump in sales by announcing the acquisition of the Fogarty brand, which manufactures pillows and duvets.