DFS has reported a healthy increase in its underlying profit before tax and hailed the progress made following the launch of its new strategy, despite the headwinds facing the sector.
The furniture retailer recently changed its accounting year end date from July 31 to June 30 and as a result published both figures for the 48 weeks to June 30, and pro-form 52 weeks to July 31 figures.
Its pro-form 52 weeks underlying profit before tax was up 31.1% to £50.2m. However, profit before tax on the shorter, 48 weeks was £22.4m, a 13.1% decrease year-on-year, albeit against a 52-week period.
DFS also reported like-for-like sales growth “across all brands and channels” – with pro forma gross sales up 14.4%, and pro forma revenue up 14.4%. In terms of the 48 weeks numbers, gross sales and revenues increased by 3.5%.
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