Upholstered furniture retailer DFS has reported positive order volume growth while profit forecast is in line with expectations.
According to its latest trading update, DFS said that since early September it has observed a more positive trend, with Group order volumes growing relative to FY22 and also relative to the pre pandemic FY19 financial year.
“We have also seen continued evidence of positive market share gains from the latest Barclays / CACI market data. Our overall performance is in line with our mid case scenario (c.£36m PBT) for the full year. We would expect profits to be weighted towards the second half given the order intake profile we have seen year to date, our made to order business model and revenue being recognised on the delivery of orders to customers,” the group said.
“Whilst the macroeconomic outlook is uncertain and inflationary pressures remain high, we remain focussed on executing our strategy to lead furniture retailing in the digital age. Our business has proven to be resilient, and given our inherent strengths, we are well positioned to maintain our trend of market share gains across the economic cycle.”
Furthermore, and as previously announced, Ian Durant will step down as Chair from the Board on 4 November 2022. Steve Johnson, currently Chair of the Remuneration Committee, will replace Ian as Chair with effect.
Tim Stacey, Chief Executive, commented: “We are pleased to report that since mid September we have seen positive year-on-year order volume growth. While we continue to be watchful of the macro economic environment, we continue to take market share and our market leading position, inherent scale and proven strategy give us confidence in our future prospects.”