DFS furniture announced on Thursday that it will keep its full-year profit outlook unchanged. Additionally, the company has also announced that its CFO Nicola Bancroft will retire.
For the five months to 30 December 2018, DFS has had a good underlying sales growth of 10%, despite the “challenging consumer environment“.
Additionally, it saw a like-for-like growth across all of its brands and a strong 22% growth in online sales. Reported gross sales grew 29% measured against the same period from the previous financial year.
DFS will not alter its full-year profit expectations.
The company has said that it is “mindful of the risk of near-term political and economic uncertainty,” alluding to Brexit. As a result of Brexit uncertainty, it will not alter its profit expectations despite its strong sales figures.
Addressing the uncertain economic and political climate, the company said:
“While we have achieved a good sales performance, helped by latent demand, we remain cautious around our full-year outlook, and as such our profit expectations for the full year remain unchanged. “
“We are mindful of the broader political and economic uncertainty and the further risk this may pose to consumer confidence and lead times for the proportion of our made-to-order products that we source overseas. However, we do expect benefits of previous and ongoing investments in our online activities, our final-mile two-man logistics and the continued integration of Sofology, together with progress being made at Dwell and Sofa Workshop, to help mitigate this challenging market environment.”
“It is worth reiterating that the Group has historically capitalised on any adverse trading conditions to build our market position and we continue to believe that our cash generation and long-term growth prospects will drive attractive returns for our shareholders.”
Moreover, the company has announced that CFO Nicola Bancroft will retire afte six years with the company.
Elsewhere, Tesco shares were up during early trading as a result of its strong Christmas performance.
At 09:51 GMT today, shares in DFS Furniture plc (LON:DFS) were trading at +3.66%.