But company says it has ‘excellent’ long-term prospects
After warning about its profits in June, British retailer DFS Furniture has today reported a 13 per cent fall in full-year profits, blaming a “very challenging” market.
The company has reportedly booked a 22.3 per cent fall in pre-tax profits to £50.1mn in the year to July 29, while revenue edged up by 0.9 per cent to £762.7mn.
Talking about how the company has broadened its consumer base and achieved a 25 per cent share of the “aspirational consumer” market, DFS chief executive Ian Filby said:
“We have continued to make good strategic progress across all our key areas of growth, while our financial performance reflects the current challenges of the UK furniture market.”
“Our recent strategic investments and operating efficiency programme support our confidence in our ability to deliver modest profit growth and cash returns in the current financial year and we continue to have excellent prospects for the long term,” he added.
DFS, which has been in the business for 48 years, includes brands Dwell and Sofa Workshop. The company is also in the process of taking over its rival Sofology in a £25m deal, subject to regulatory approval.