Sofa so good: DFS sales grow 7% in maiden results

In its first results since floating on the London Stock Market, DFS has posted a 7% rise in sales. Online sales rose 17% and profits before tax trebled to £33.3m

The furniture retailer, which was valued at over £500m when it was listed in March, said the gross sales of £913.1m were driven by new stores and growth in its Dwell and Sofa Workshop brands.

The sofa specialist said it sees signs of growing consumer confidence as customers have more money to spend and that it expects benign market conditions to provide a supportive environment for the furniture sector in coming months.

Earlier this month, the company acquired DFS Spain, which is currently run from one store on the south coast but could potentially expand to target expatriates in the country. This follows the company’s first European launch which was in the Netherlands last year.

“Overall the business enjoys excellent prospects to deliver long-term profitable growth, strong cash generation and a progressive dividend policy as one of the UK’s best-known brands, a major British manufacturer and the country’s leading retailer of upholstered furniture,” said Chief Executive Ian Filby.

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