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Sofa chain DFS celebrates profit surge

DFS, the Doncaster-based furniture group, has seen annual profits surge by nearly a third.

Pretax profits of £50m were announced in the 52 weeks prior to 30th June.  The furniture retailer also reported like-for-like sales growth “across all brands and channels”.  However, DFS warned that the growth in sales had dropped off in the second half of the year amid uncertainty about Brexit.

DFS has had a “good trading performance” and puts this down to progress made since the launch of a new strategy launched in March 2019.  This was designed to prepare it to navigate an “uncertain trading environment” and benefit in the long term.

Tim Stacey, group chief executive, said

Our trading performance for the last financial year was good overall, as we continue to execute our new strategy to lead sofa retailing in the digital age.  Like-for-like growth across all brands and all channels, especially online and in Sofology, has enabled us to grow our market share and as we celebrate DFS’s 50th anniversary, we believe that our group is well positioned for the long term.

Despite the rise in profits, DFS said it faced a “particularly uncertain UK consumer market” in the run up to the UK’s departure from the EU and beyond.  While DFS is not immune to the impact of the uncertainty, the board said the retailer was well-positioned to manage short-term market uncertainties and had a confident outlook.

Image: DFS / Ian Georgeson

Mary Vickers moved to North East Lincolnshire in 2010, from the Wiltshire/Hampshire border, to become Urban and Industrial Chaplain NELincs. Made redundant in 2017, she's maintained many of her connections within the business, faith, and other local communities. She's also decided to stay here rather than return to either the south or her husband's native Yorkshire, so that she can continue to enjoy and help promote the positives of NELincs.