DFS sitting comfortably following “record” pre-tax profits

Sofa specialist DFS has announced “record” pre-tax profits in its latest trading update.

In the firm’s preliminary results for the 52 weeks ending June 27 2021, profits before tax rose by £180.4m on the previous year.

The group’s revenue increased by 47.4 per cent compared with the previous 52-week period, and 7.2 per cent more than the same period in 2019 prior to the disruption caused by COVID-19.

Tim Stacey, group chief executive officer, commented: “Our record profits delivery in the last financial year is a fitting tribute to all the hard work of our colleagues and testament to the resilience and flexibility of our integrated business model.

“Despite numerous operational challenges during the pandemic, I’m proud that we have remained focused on our strategic agenda to lead sofa retailing in the digital age and are on track to achieve the incremental £40m of profit benefits set out in 2018.

He added: “We also see further growth opportunities into the medium term derived from extending the reach of our retail brands and optimising our operating platforms.

“As we enter a new financial year, the Group is very well positioned to build on its market leadership position in sofa retailing and to target further growth as we invest to strengthen our business platforms and extend our retail proposition into adjacent product categories.”