22nd Jul 2015 07:18
LONDON (Alliance News) - DFS Furniture PLC shares were trading higher early Wednesday after the company said its gross sales in its financial year to July 18 are up by 7% year-on-year and said it expects its full-year results to hit record levels.
DFS said it has continued to produce a good performance in the second half of its financial year, with gross sales rising by 4%. The company's financial year ends on August 1. The slowdown in the second half against the first was down to more demanding comparatives and an extra trading week in the previous financial year.
The Sofa Workshop and Dwell businesses have both continued to recover since DFS acquired them and made a positive contribution to sales, driving 1% growth in the year to date and in the second half. The profit contribution from the pair remains limited, however, due to the scale of the turnaround required.
DFS said that given the strength of its second half performance, it expects to deliver record results for the full-year, with underlying results to meet market expectations.
DFS shares surged on the news, up 9% to 290.00 pence, the best performer in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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