25th May 2018 12:35
LONDON (Alliance News) - Dunelm Group PLC said Friday it expects full-year profits to fall "moderately" on 2017 after experiencing challenging trading conditions in the fourth quarter of its financial year.
Dunelm shares were trading down 9.1% at 558.00 pence.
For the fourth quarter to date, the homewares retailer said like-for-like online sales grew 44%. Like-for-like store sales, however, fell 4.7%, leading to a total sale increase of 0.1%.
Dunelm said it is currently expecting total sales for the full year to be around GBP1.05 billion, a 10% increase on 2017.
However, the retailer expects underlying profit for the full year to be "moderately" below 2017.
"We have seen an unexpectedly challenging start to the fourth quarter, with continuing softness in the homewares market and reduced footfall to our stores," Chief Executive Officer Nick Wilkinson said.
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