DFS Furniture PLC COVID-19 Update (3083E)
05 Novembre 2020 - 8:00AM
UK Regulatory
TIDMDFS
RNS Number : 3083E
DFS Furniture PLC
05 November 2020
5 November 2020
DFS Furniture plc
COVID-19 Update
-- Manufacturing and deliveries continuing through current national lockdowns
-- Robust balance sheet; net cash position with access to over GBP300m of funds
-- Current lockdown measures not expected to materially impact profitability for the first half
DFS Furniture plc today issues an update in the light of
increasing restrictions on the movement of people and trading
activity being put in place by Governments to restrict the spread
of COVID--19 in many of the markets where the Group's brands
trade.
Update on showrooms, manufacturing and delivery
As of today, the 5th November, following Government legislation
all physical showrooms in England, the Republic of Ireland and
Wales, are temporarily closed, which together represent 181 of our
208 showrooms across the estate. All showrooms in all other
territories are open and trading.
Under current legislation, in England our showrooms (169) are
closed for four weeks from 5 November to 2 December. Our Welsh
showrooms (7) are due to re-open on Monday 9 November, following 16
days of closure. Our Irish showrooms (5) are due to reopen on 1
December, following six weeks of closure.
Our websites across all brands and territories remain open for
business and are performing well. Based on our previous experience
of lockdown we expect our online business to improve further. This
will be supported by the temporary transfer of showroom colleagues
to other areas of the business, including remotely assisting
customers with web purchases.
Notwithstanding the showroom restrictions, we continue to
manufacture, deliver and install orders safely into customer homes
in all territories. Given the current very strong order bank
levels, and the delivery lead times we are therefore operating at,
we do not expect that this period of showroom closure will
materially impact revenues and profitability for the first 26 weeks
to 27 December 2020.
Furthermore, our experience of the prior lockdown periods was
that substantially all order intake disrupted during the lockdown
period was either deferred until showrooms reopened or was captured
online.
Strong Financial Position
Our balance sheet position remains robust. With the strength of
recent trading, helped by associated working capital inflows, we
currently hold a net cash position, with access to over GBP300m of
available cash and undrawn bank facilities.
Our next scheduled trading update is the 12 January 2021,
covering trading performance over the 26 weeks to 27 December
2020.
Enquiries:
DFS (enquiries via Tulchan)
Tim Stacey (Group CEO)
Mike Schmidt (Group CFO)
Phil Hutchinson (Investor Relations)
investor.relations@dfs.co.uk
Tulchan
James Macey-White
Jessica Reid
Amber Ahluwalia
+44 (0)20 7353 4200
dfs@tulchangroup.com
About DFS Furniture plc
DFS is the clear market leading retailer of living room
furniture in the United Kingdom. We design, manufacture, sell and
deliver to our customers an extensive range of furniture products.
The business operates a retail network of living room furniture
stores in the United Kingdom and Europe, together with an online
channel. These have been established and developed gradually over
50 years of operating history. We attract customers to our stores
and websites through our substantial and continued investment in
nationwide marketing activities and our reputation for high quality
products and service, breadth of product ranges and price points
and favourable consumer financing options.
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END
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