Furniture retailer DFS has announced that it has returned to profitability in its latest results for the 52-week period ending 27 June 2021.
During the period, underlying pre-tax profits reached £105.8m from a previous year’s loss of £63.1m.
Revenue also grew by 47.4% to £1.06bn from £724.5m in 2020 and was boosted by a 184% increase in online sales as well as the group’s “long-standing” relationships to accelerate its “make-to-order deliveries rate”.
Tim Stacey, group CEO, said: “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.
“We also see further growth opportunities into the medium term derived from extending the reach of our retail brands and optimising our operating platforms.”
He added: “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.”