Dunelm has reported a pre-tax profit surge of 46% to £76.8m in its full year, and revealed that chief executive Will Adderley will assume the new role of executive deputy chairman with Halfords group finance director Nick Wharton taking over as chief executive.
For the year to July 3, the homewares retailer reported sales up 18.2% to £492.8m, including like-for-like sales up 8%.
After almost 15 years at the helm, Adderley will relinquish the chief executive role from February 2011. He will assume his new role, a full time board position, and focus on specific aspects of the group where he has expertise and experience.
Wharton, who has been a non-executive director of Dunelm since August 2009, will take over from December 1.
Chairman Geoff Cooper said: “In his new role as executive deputy chairman, Will will be able to dedicate all his time and energy to aspects of the business which he is passionate about and where he has a unique level of insight and experience. At the same time, we are bringing increased strength in depth to the executive management team through the appointment of a new chief executive.
“Nick will be a worthy successor to Will. As well as being a hugely experienced retailer he already has a good understanding of Dunelm’s business and, most importantly, of our business philosophy and values. He will maintain the drive and sense of purpose which Dunelm has been used to under Will’s leadership.”
Halfords said the board has initated a search for a successor to Wharton.
During the year, Dunelm opened 10 new stores and completed nine refits.