Dunelm raises annual profit forecast

Dunelm

Dunelm has raised its annual profit forecast for the second time in two months.

The homeware retailer said that it now expects profit before tax for the year to be in the range of £124-126 million, compared to £102 million the year before.

This was attributed to ‘unseasonably favourable weather conditions’ resulting in strong like-for-like growth for the months of May and June.

Dunelm are set to formally update the market on quarter 4 trading on July 10.

Back in April, the retailer said that it expected full-year profits to be ‘slightly ahead’ of forecasts.

This was as a result of strong growth in online sales and the closure of its Worldstores and Kiddicare websites.

It has thus far bucked the trend of many UK retailers, who have been struggling on the back of falling footfall levels and shifting consumer shopping habits.

Earlier this week, reports circulated that Monsoon Accessorize is seeking landlord approval for a rescue plan, involving a Company Voluntary Arrangement (CVA).

Dunelm has 170 stores across the U.K, selling ranges of curtains, blinds and homeware accessories.

It is publicly listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Shares in Dunelm (LON:DNLM) are currently up +5.86% as of 11:44AM (GMT).

 

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Nicole Jeary
Nicole covers emerging global economic and political events for The UK Investor Magazine. Her focus is particularly upon company news and political developments in Europe and the US.