Dunelm: ‘Value’ offer leads to record revenue amid cost of living crunch
Dunelm posted “record” sales of £1.64bn, in its preliminary results, rising up 5.5 per cent from last year’s figures, as the homeware retailer was bolstered by cost reductions.
The furnishings provider said profit before tax slid 7.8 per cent to £192m, with the group blaming a tightening on operational controls and the impact of cost inflation for the dip.
Dunelm, which has 172 stores across the UK, also said that the number of customers it attracted grew 2.8 per cent as its decision to pass on cost reductions on over 1,000 products bode well with shoppers under the cosh.
The Leicester-born business said it expects to see sales and profit growth in the full year and noted a cool down in easing freight costs which would support its margins.
Nick Wilkinson, chief executive officer, said in a statement to markets this morning: “In a period of extensive economic uncertainty, we have maintained our focus on enhancing our customer proposition, expanding our offer whilst staying fully committed to value and making every pound count.
“This has clearly resonated well with our customers, enabling us to continue growing both sales and market share. As ever, our amazing colleagues have been at the heart of this performance and I thank them all for their knowledge, personality, commitment and enthusiasm.”
He added: “As we manage the ongoing challenges, it is crucial that we do not lose sight of our longer-term ambitions. We are committed to raising the bar on value and joy for our customers and continuing to invest where we see good returns, so that we can seize the various opportunities ahead.”