Dwell completes DFS integration as all orders move across

Furniture retailer Dwell, part of the DFS Furniture Group, has reported a decline in sales while losses narrowed.

According to its latest filed accounts for the year ended 25 June 2023, total sales were down 40% to £6.5m from £10.9m in 2022.

Pre-tax losses resulted at £989,000, narrowing from £2.6m recorded the previous year.

Stated within its report, the company said that it continued with its restructuring and fully completed its integration into the DFS brand operating structure. In December 2023, after the period end, the Dwell website was closed, with all orders now being transacted through the DFS website.

“With a total addressable market of c.£5bn, we see the beds and non-upholstery living market as a particularly attractive growth opportunity for the group. We are able to leverage many of the group’s assets, including manufacturing capability for upholstered furniture, web and logistics platforms, marketing expertise and brand partnerships to develop a truly compelling offering,” the company added.

Back in September, DFS posted its results for the same period as total sales fell 5.3% to £1.08bn from £1.14bn in 2022. Underlying pre-tax profit from continuing operations was down 49.3% to £30.6m from £60.3m, but was within previously guided forecasts.

DFS sales for the period resulted at £1.12bn, down from £1.16bn, while Sofology sales stood at £298.1m, down from £304.9m.

More recently, according to its 26-week period ended 24 December 2023, half year sales were down 5.6% to £666.2m from £705.6m against the same comparative period.

DFS sales were down 5.7% to £525.6m, while Sofology sales were also down 5.3% to £140.6m. Gross margin increased to 56% from 53.8%, while underlying pre-tax profit resulted at £8.7m, up 1.6% from £7.1m.

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