DFS Furniture PLC Trading Statement (0157X)
25 Agosto 2020 - 8:00AM
UK Regulatory
TIDMDFS
RNS Number : 0157X
DFS Furniture PLC
25 August 2020
25 August 2020
THIS STATEMENT CONTAINS INSIDE INFORMATION
DFS Furniture plc
Trading Update
DFS Furniture plc ("DFS" or "the Group"), the UK's leading
retailer of living room furniture, provides the following update on
recent trading since our previous statement on 14 July 2020.
We have continued to trade strongly both online and in our
showrooms, with year-on-year order intake growth over the last six
weeks that is equivalent to c. GBP70m of revenues. This trading is
significantly ahead of our initial expectations and is in addition
to our previously announced strong opening order book that will
generate a further in year revenue benefit of c.GBP100m.
We believe that this trading performance reflects a combination
of consumers currently spending more on their homes relative to
other sectors, latent demand caused by the nationwide lockdown and
also a strengthening advantage from our hybrid digital and physical
retail offering, which is particularly relevant in this consumer
environment.
The financial year has started strongly, however we do note that
significant uncertainty related to COVID-19 on UK consumer
confidence and the potential impact of Brexit exists and it is
exceptionally difficult to assess the outlook beyond the short
term. While positive trading momentum currently remains we do note
that some consumers may be bringing forward spending decisions and
this may impact trading later in the financial year.
Notwithstanding these risks, recent trading and our current
momentum does increase our earnings resilience and it has
significantly strengthened our financial headroom. Furthermore, the
Board continues to have confidence that the business is
well-positioned to capitalise on opportunities as its markets
recover.
We will provide a further update as part of our full-year
results announcement on 24 September 2020.
Enquiries:
DFS (enquiries via Tulchan)
Tim Stacey (Group CEO)
Mike Schmidt (Group CFO)
Phil Hutchinson (Investor Relations)
Tulchan
James Macey-White
Jessica Reid
Amber Ahluwalia
+44 (0)20 7353 4200
dfs@tulchangroup.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014. The
person responsible for this announcement is Mike Schmidt, Group
CFO.
About DFS Furniture plc
The Group 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 an omnichannel retail network of living room
furniture showrooms and web sites in the United Kingdom and other
European countries, trading through four leading brands. The Group
has been established and developed gradually over 50 years of
operating history. We attract customers 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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