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DFS weathers lockdowns and supply issues to secure profit

DFS said that its online business grew during the pandemic

DFS will make an underlying pre-tax profit of £105m for the 2021 financial year.

This is despite a number of disruptions, including issues to do with Covid-19 and supply chains.

In an update released today ahead of its full year results, the furniture seller said its orders for Q4 were up by 92% compared to the same period in 2019, pre-lockdown.

During Q3, when most of its showrooms were closed, online order intake rose by 222.5% compared to the year before, with the company bringing in £178.5m.

DFS said that while the closure of showrooms caused its online business to grow, it was also a result of previous investment in its online business.

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Over the past financial year, the sofa seller was hit by two lockdowns. In addition, it came up against various pressures on supply chains, including the availability of raw materials and container shipping delays.

The company said it expects much of its profits and revenues from Q4 will be reflected during the 2022 financial year.

Group chief executive Tim Stacey said: “Our aim is to lead sofa retailing in the digital age by building a truly Integrated retail model that allows us to drive market share gains ahead of the competition.” 

“Looking ahead, we will continue to invest in key strategic initiatives such as our digital channels, our showrooms and our Sofa Delivery Company final mile logistics capability, along with new investment in UK manufacturing and capacity and expansion into other home categories.”

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