DFS has posted a jump in half-year profits as pent-up demand from the first national lockdown drove a sales spike.
The furniture specialist said pre-tax profit surged 56% to £72m during the 26 weeks to December 27.
On an underlying basis, pre-tax profit soared 60% to £77m.
DFS’ group revenue climbed 17% to £573m compared with the same period a year ago. The retailer attributed the gains to pent-up demand among consumers, a shift in spending to home and DIY categories during the first lockdown, and its online performance.
Ecommerce sales soared 66% year on year to account for more than a quarter of DFS revenues, up from 18% a year ago.
DFS said its performance across channels drove market share gains of around 2% during the six-month period and insisted it was “well-positioned” to achieve further progress once stores are allowed to reopen from April 12.
Subject to its physical locations reopening on that date, DFS said it expects to register a full-year pre-tax profit of approximately £105m.
DFS boss Tim Stacey said: “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.”
He added: “We’re committed to our strategy to lead sofa retailing in the digital age with our proven integrated retail model. 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.”