Dunelm FY trading beats expectations

Dunelm has also welcomed Alison Brittain as an independent non-executive director and chair designate.

Dunelm has reported its full-year sales and profits have beaten expectations, reporting  total sales of £1.55bn in the year to 25 June 2022, an increase of 16% compared with the same period the year prior. 

The homeware retailer’s total sales are 40% higher than the FY 2019 and digital sales were two and half times higher than pre-covid level at £537m.

The company is expecting its pre-tax profit for the period to be ahead of analyst consensus of £207m. Dunelm said performance reflects particularly strong profitability in its first half when store sales “bounced back following Covid-19 restrictions”, as well as robust trading in its second half.

Nick Wilkinson, CEO, said: “Dunelm is a much bigger and stronger business than before the pandemic, with sales over 40% higher, due in large part to the huge strides we have made to develop our digital capabilities. Our growth continues to be driven by increasing market share as our customer base further expands. 

“The macro outlook remains uncertain and we cannot predict exactly how consumers will respond to the increasing pressures on their finances. We are currently seeing customers adapt to this environment in their own ways, utilising  the breadth of our offer and price points across homewares; value and choice has always been at the very core of Dunelm, and we are intensely focused on continuing to strengthen this for our customers.”

He added: “The business has successfully navigated previous periods of consumer uncertainty. With the inherent strength of our business model and strong operational grip, we have never been more confident about our ability to make the right long-term decisions for all of our stakeholders and to continue to grow our market-leading position.”

Dunelm has also welcomed Alison Brittain as an independent non-executive director and chair designate. Brittain brings experience from a range of consumer-facing companies. She is currently chief executive of Whitbread.

Brittain said: “Dunelm is a company I have long admired as a customer and I love that it’s an entrepreneurial, purpose-led business with strong values and lots of ambition.

“The last two years have reinforced the importance of the home in all of our lives, and I am delighted to be joining a team with such a fabulous track record of focussing on delivering value for customers and a company with fantastic opportunity for future growth. I look forward to working with the board and building on Andy’s achievements as chair.”

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