Dunelm profits jump as it celebrates 40th year of trading

The homeware retailer’s total like-for-like sales increased 10.7% to £1.1bn during the 52 weeks to June 29 as online and store like-for-likes increased 35.1% and 7.7% respectively during the period.

Chief executive Nick Wilkinson attributed the strong results to the progress the retailer has made with its “multichannel proposition while maintaining the breadth and depth of [the] specialist customer offer in homewares”.

Dunelm’s profit before tax jumped 23.4% to £125.9m as the retailer focused on its ‘Customer 1st’ strategy and the “core Dunelm business”.

Chief executive Nick Wilkinson said: “As Dunelm celebrates its 40th anniversary, we are pleased to have delivered a strong performance during the year, with an improvement across all our customer, operating and financial metrics.

“These results reflect our focus on the core Dunelm business and we see further opportunities to develop our Customer 1st plans, through extending product choice and value, improving our customer experience enabled by technology, and bringing more people to the brand.

“Recent trading performance has continued to be strong, reflecting both weak comparatives in the prior year and continued market share growth.

“However, we remain cautious about the full-year outlook due to increased Brexit uncertainty and specifically the impact it may have on consumer spending as we enter our peak period.

“Looking to the future, I am excited about the opportunity to grow our business as we enhance and extend our specialist and multichannel offer, build on our market-leading position and fulfil our purpose of helping everyone create a home they love.”

Vennells hire

The homeware retailer also announced Paula Vennells CBE has been appointed as a non-executive director.

The former Post Office chief executive will start her role with immediate effect and will be a member of the audit and risk, remuneration and nominations committees.

Prior to joining the Post Office, Vennells held senior roles at Whitbred, Dixons and Argos and was a non-executive director at Morrisons.

Dunelm chair Andy Harrison said: “Her experience of successfully leading the Post Office, a large and complex consumer business, through a period of significant change is extremely valuable, and she will be a great addition to our board.

“We shall also benefit from the breadth and quality of Paula’s boardroom experience.”