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Trading statements

DFS second half revenues fall

10 August 2017 07:20

DFS Furniture's revenue in the second half was weaker than it expected due to significant declines in store footfall and customer orders across April, May and June.

The group said it believed this to be an industry-wide issue, resulting from the uncertain economic environment and unexpected general election, exacerbated by warm weather in May and June.

The group said its summer sale started satisfactorily in July, consistent with trends it had seen in offline and online sector indicators.

Overall, group revenues for the second half were 4% lower than the prior year, following an increase of 7% in the first half, to deliver growth of 1% over the year as a whole.

The group said that consequently, EBITDA for the year would be at the low end of the £82-£87m range previously given, with revenue impacts being partly offset by cost flexibility and the early benefits of operating efficiency initiatives.

The group also said it continued to make good progress in the implementation of its growth strategy in all key areas.

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