Ongoing Brexit uncertainty causes weaker backdrop for DFS

DFS the sofa retailer has affirmed their profit outlook for the year and said a weaker backdrop caused by Brexit uncertainty is to blame.

Underlying gross profit sales of 7% were reported in the 52 weeks to 30 June, whilst online growth was growing by 17%. In line with expectations profit before tax will rise by 35% to £50m.

In a statement the company said, “We are executing our strategy of transforming our business to lead sofa retailing in the digital age.

“We believe the market will return to historical long-term growth rates in due course and that as clear market leader we are well-positioned to benefit, delivering strong levels of cash generation and attractive shareholder returns in the long term.”