50% off DFS profits after summer sales hit

By John-Paul Ford Rojas, business reporter
DFS has blamed hot weather for a sharp fall in profits - with the furniture retailer warning that Brexit will affect its supply chain and consumer sentiment.
Its pre-tax profits for the year to 28 July fell 48.5% to €25.8m after "exceptional downturn in market demand" seen in the fourth quarter. Shares fell as much as 10% in early trading but closed 3% lower.
DFS also said that "continued economic uncertainty" had been a factor in sales and earnings falling below the company's expectations - and it set out a series of risks that Britain's looming exit from the EU could pose to the business.In July, the retailer flagged that results would be hit by the hot weather as well as disruption in shipping some of its products from the Far East.Profits for the year were also affected by the costs linked to the purchase of rivals Sofology and Multiyork.Chief executive Ian Filby said like-for-like revenues had recovered since the start of the new financial year though cautioned that this was down to purchases being deferred from earlier months.
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