DFS sales cushion pound plunge

Joanna Bourke
Sitting comfortably: DFS has reported a rise in sales

It was sofa so good for DFS Furniture earlier, as the retailer posted record half-year results and rewarded shareholders with their first special dividend.

Boss Ian Filby said figures for the 26 weeks to January 28 were “bang on course”.

Although the firm has repeatedly warned of a market slowdown since the Brexit vote last June, it said on Thursday that “consumer confidence to date has held up well”.

DFS, whose sofas have been advertised by Olympic heptathlete Denise Lewis, warned that adverse currency movements had had an impact on margins. However, it said it was taking action to mitigate pressures through negotiations with suppliers.

Sales rose 6.8% to £379.9 million and pre-tax profit climbed 3.1% to £16.7 million.

It declared a special dividend of 9.5p, and the interim divi increased by 6% to 3.7p.

The City cheered the update, and shares in DFS — which counts stores in Bromley and Enfield among its 108 UK branches — rose 2.75p, or more than 1%, to 255p.

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