22nd Nov 2024 09:26
(Alliance News) - DFS Furniture PLC on Friday said trading has continued to improve in the new financial year.
At its annual results released in September, the Doncaster-based furniture retailer noted an improvement in trading performance in the final quarter of that year, which ended on June 30, with year-on-year growth in order intake.
In a trading update ahead of its annual general meeting on Friday, DFS said this trend has continued into the current financial year, with order intake remaining in growth over the first 20 weeks, in line with expectations.
In addition, DFS said progress made on reducing the cost base also has continued in financial 2025 to date.
Further details will provided in a trading statement on January 17.
DFS also announced the appointment of Marie Wall as interim chief financial officer, effective December 2.
Wall will report into Chief Executive Officer Tim Stacey. She has previously held senior finance roles at Imperial Brands PLC, Wolseley and Dixons Carphone.
Current CFO John Fallon will step down from the board on Friday and leave the business on January 17.
Stacey said Wall is a "strong addition" to the leadership team bringing a "wealth of financial leadership experience, as we pursue our growth strategy."
Clive Black retail analyst at Shore Capital said it was a "quite encouraging" trading statement, which "we believe will be a relief to both its shareholders and those involved in the wider British discretionary consumer goods arena, given the general demand weakness evident for much of 2024."
Shares in DFS were 0.8% higher at 133.89 pence each in London on Friday morning.
By Jeremy Cutler, Alliance News reporter
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