Robust sales help Dunelm beat gloom
SHARES in Dunelm rose almost four per cent yesterday, after the British homewares retailer said it grew like-for-like sales in the first half and gained market share despite a tough economic environment.
The Leicester-based company reported a 1.1 per cent rise in like-for-like sales during the six months to 31 December compared with a 1.2 per cent decline the previous year.
Pre-tax profits leapt by 7.8 per cent to £52.2m on revenues up 8.8 per cent to £299.9m, boosted by the opening of 10 new stores in the period.
Chief executive Nick Wharton said: “Dunelm has achieved robust trading results in a very demanding retail environment, and has continued to gain market share on a like for like basis.”
The group now operates 123 stores, selling kitchenware, bedding and rugs, 114 of which are out-of-town superstores. Wharton said it was on track to deliver it “ambitious” target of opening 150 to 200 stores.
The retailer, which floated in 2006, also announced the appointment of outgoing chief executive of Pets at Home Matt Davies as an independent non-executive director.
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