DFS Furniture Says Low Consumer Demand to Continue Weighing on Profit
21 Setembro 2023 - 4:19AM
Dow Jones News
By Christian Moess Laursen
DFS Furniture said pretax profit for fiscal 2023 dropped on
challenging economic backdrop and low consumer demand, which should
continue in the current financial year.
The U.K. furniture retailer said Thursday that pretax profit
almost halved to 29.7 million pounds ($36.7 million) in the year
ended June 25 from GBP58.5 million a year earlier.
Underlying profit before tax and brand amortization--a
company-preferred metric--was GBP30.6 million, the lower end of the
guided range of GBP30 million-GBP35 million, and a drop from
prior-year's GBP60.3 million.
Revenue fell slightly to GBP1.09 billion from GBP1.15 billion,
mainly on a challenging market environment compared to a year
earlier when the market benefited from higher volumes linked to the
pandemic, it said.
For fiscal 2024, the company backed its expectation of
underlying profit before tax and brand amortization in the range of
GBP30 million-GBP35 million. Revenue is expected to be between
GBP1.06 billion and GBP1.08 billion.
"We are confident the market will recover, however we can't
predict how quickly that will happen," it said.
DFS Furniture proposes a final dividend of 3.0 pence a share, in
line with guidance, a decrease from 3.7 pence a year before.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
September 21, 2023 03:04 ET (07:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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