14th Mar 2019 09:12
LONDON (Alliance News) - DFS Furniture PLC on Thursday said interim profit more than doubled, driven by the acquisition of Sofology which boosted revenue.
For the 22 weeks to December 30, the furniture retailer posted pretax profit of GBP14.1 million from GBP6.2 million a year before.
Revenue jumped 29% to GBP422.3 million from GBP327.1 million. Excluding the contribution of Sofology, bought in November 2017, revenue was up 7.1% to GBP329.9 million from GBP307.9 million.
Like-for-like revenue across the group was up 6.6%, while Online revenue rose 23% over the period.
"We are pleased with the performance for the first five months of the financial year across the group, with all four of our brands achieving like-for-like revenue growth. The benefits of our investments in our online channels, delivery networks and the development of our brands help mitigate the impact of a market which we expect to remain particularly challenging in 2019 given the current political and economic uncertainty," Chief Executive Officer Tim Stacey said.
"Notwithstanding a softer start to 2019, and assuming no weakening of this environment, our profit expectations for the financial year remain unchanged."
DFS held its interim dividend at 3.7 pence per share.
DFS shares were trading down 1.7% at 231.50 pence each on Thursday.
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