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Trading statements

DFS Furniture sees good sales growth

09 February 2017 07:27

DFS Furniture reports good sales growth throughout the first half of the current financial year. with gross sales in the 26 weeks to 28 January up 7% on last time.

The group said expectations for full-year financial performance were unchanged and a special dividend would be announced with half year results.

It said: "Once again Dwell and Sofa Workshop have contributed encouragingly to overall group sales growth.

"As we anticipated at the time of our preliminary results announcement in October, we saw some impact on product margins in the first half from the impact of adverse foreign exchange movements.

"We continue our work to actively offset this impact through range management and supplier negotiations, while the differentiated DFS sourcing model of vertical integration, UK manufacturing capability and superior scale remains an important competitive advantage.

"Free cashflow in the period was once again strong and our gearing ratio at the half year end was just below 1.5x EBITDA over the last twelve months, in line with our targeted operating range of 1.0x to 1.5x.

"As previously announced, we expect to provide details of a special dividend to shareholders as part of our half year results announcement on 30 March 2017, with this return to be completed before the end of July."

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