DFS has reported a good start to the winter sale trading period, revealing that group order intake for the 26 weeks to 25th December 2022 was +10.6% compared to the pre-pandemic FY19 period (but down -4.8% against FY22).
Following low market-wide demand levels at the start of the financial year, trading improved in the second quarter, with order intake growth relative to FY19 increasing to +16.3% (+18.8% against FY22).
The retailer says it continues to observe further market share gains. Group gross sales, which are recognised upon delivery of orders to customers, are up +9.6% on the FY19 comparator period (and down -1.1% against FY22).
DFS' mid-case FY23 guidance – which assumes the improved momentum it has seen in order intake continues through the second half, alongside the delivery of planned margin improvements and normalisation of its order bank – remains unchanged, at £36m profit before tax and brand amortisation. Profit delivery will be second-half weighted, says DFS.
Group chief executive Tim Stacey says: "The group has traded well through the second quarter and the start of the important winter sale trading period. Whilst the macroeconomic environment remains challenging and hard to predict, we reiterate our full-year profit guidance supported by the positive current trading momentum.
"As always, we continue to invest for the long-term success of the business, to further strengthen our market-leading position, and with our established platforms, scale and expertise we believe we are well set up for growth over the medium term."
