9th Mar 2021 10:34
(Alliance News) - DFS Furniture PLC on Tuesday reported strong performance in the first half of its current financial year amid improved demand for its products.
The UK-based retailer of living room and upholstered furniture reported revenue growth of 17% in the 26 weeks to December 27 to GBP572.6 million, with pretax profit jumping by 56% to GBP72.1 million year-on-year.
The company noted that improved performance was driven by strong order intake in the period, as a result of pent-up demand amid lockdown, market share gains and a shift in consumer spending to the home.
DFS Furniture noted that its online revenue was up 66% year-on-year.
Looking ahead, the company said its order bank is currently over GBP65 million higher in revenue terms than the prior year equivalent date, with the GBP200 million higher order bank at Christmas-time.
"Our business has proven to be resilient throughout the period despite showroom closures and a significant amount of external disruption in our supply chains. The investments we've made in our digital channels have generated exceptional revenue growth," said Chief Executive Tim Stacey.
"We expect to see a good level of activity in the home market as Covid-19 restrictions ease and, having accelerated the execution of our strategy and grown our market share, we are well set for future growth," added Stacey.
DFS Furniture shares were trading 7.1% higher in London on Tuesday at 246.24 pence each.
By Evelina Grecenko; [email protected]
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