Dunelm has reported a 17% fall in half year profits amid spiralling costs. The homewares chain reported in the six months to 31 December pre-tax profits of £117.4 million compared will £140.8 million the previous year.
In the first half of the years operating costs rose by £8 million due to high inflation and a wage increase to tackle the cost of living.
Dunelm said, “Whilst customers have been resilient to date, the consumer outlook remains unpredictable.”
People are expected to rein in their spending this year amid soaring bills and inflation still near a 40-year high.
Nick Wilkinson, chief executive of Dunelm, said, “We are all learning to live in a new, complex and rapidly evolving economic reality.”
He added, “In this environment, agility, creativity and innovation are more important than ever and we have endeavoured to make every pound count, both for ourselves and for our customers, helping to mitigate the impact of inflation.”
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