DFS reports good trading for the five-month period ended 30th December 2018, with underlying sales growth of +10%, LFL growth across all brands and +22% growth in online gross sales.
The retailer says this good sales performance was helped by latent demand as consumers deferred purchases thanks to the hot weather of the previous quarter – as such, it remains cautious, and its FY expectations have not changed. "We are mindful of the broader political and economic uncertainty and the further risk this may pose to consumer confidence and lead times for the proportion of our made-to-order products that we source overseas," the retailer reports. "However, we do expect benefits of previous and ongoing investments in our online activities, our final-mile two-man logistics and the continued integration of Sofology, together with progress being made at Dwell and Sofa Workshop, to help mitigate this challenging market environment."
After six years with DFS, CFO Nicola Bancroft has announced her desire to retire from full-time executive roles. While a succession process is conducted, Mike Schmidt, currently chief development officer, will become interim CFO from 1st April.