DFS "well set for future growth" as revenues rise by 17%

A UK furniture retailer has announced that its revenue over the past by more than 17 per cent following an increase in online sales.

DFS, which trades nationally, reported full year revenues of £572.6m, up 17.3 per cent from 2019’s £488m.

The company reported today (March 9) that digital sales accounted for 25.7 per cent of its revenues, compared with 18.4 per cent last year.

It is aiming to open between six and 10 new stores throughout 2021, and said today that it also has a new manufacturing investment under consideration.

Tim Stacey, CEO of DFS, commented: “This strong first half profit and cash flow performance is a true reflection of the supreme efforts put in by our teams right across the group since the start of the pandemic.

“I am hugely grateful to every colleague for their constant focus on the safety, health and wellbeing of all their colleagues and also our customers.

“Our business has proven to be resilient throughout the period despite showroom closures and a significant amount of external disruption in our supply chains.

“The investments we’ve made in our digital channels have generated exceptional revenue growth.

“Consequently our order bank remains well above normal levels and, subject to showrooms reopening by 12 April 2020, our central planning scenario is for an expected full year profit before tax outcome of approximately £105m, with further benefits to be realised in next year’s financial results.

“We’re committed to our strategy to lead sofa retailing in the digital age with our proven integrated retail model.

“We expect to see a good level of activity in the home market as Covid-19 restrictions ease and, having accelerated the execution of our strategy and grown our market share, we are well set for future growth.”