DFS

B&M’s chief financial officer appointed interim CEO

B&M has announced the appointment of chief financial officer Mike Schmidt to the role of interim chief executive, effective immediately.  The news comes as former chief executive Alex Russo, who joined the discounter in 2020, officially retired today (30 April) after three years in the role.  In a very short…

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Today’s news in brief-13/3/25

John Lewis Partnership has announced that its staff will not receive a bonus for the third consecutive year, despite tripling its full-year profits from £42m to £126m. Instead, the company is investing £114m into staff pay, building on a £116m increase in 2024, and up to £600m in business transformation.…

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DFS Furniture profits surge to £17.0m in H1 FY25

DFS Furniture Group has seen its underlying profit performance, uPBT(A) almost doubled to £17m in H1 FY25 (H1 FY24: £8.7m), despite a relatively flat growth in revenues of 0.1% to £504.5m. For the 26 week period ended 29 December 2024, the group’s gross sales were also up 1.4% to £675.6m…

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Today’s news in brief-24/2/25

Shein, the global online fashion retailer, saw its profits plummet by 40% to $1bn in 2024. The company faced a challenging final quarter and intensified competition from rival Temu. Shein’s declining profitability complicates its efforts to secure regulatory approval for a London listing, with some investors urging a valuation reduction…

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DFS appoints former Holland and Barrett CEO as NED

DFS Furniture has announced the appointment of former Holland and Barrett CEO Tony Buffin as an independent non-executive director. Buffin was the leader of the health and wellness retailer between 2019 and 2021 and will join the DFS board with immediate effect. He is also the chair of Nobia AB,…

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Today’s news in brief-17/1/25

Retail sales in the UK fell by 0.3% in December, disappointing analysts who anticipated a 0.4% rise during the Christmas season. The decline, attributed to the poorest supermarket sales since 2013, was partly offset by a 4.4% rise in clothing sales. The Office for National Statistics (ONS) reported that food…

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DFS sales and profits rise in H1 amid market share gains

DFS has reported strong trading in its half-year results, largely driven by market share gains, lower operating costs and gross margin improvement, adding it was “cautiously optimistic” for the year ahead, despite inflationary pressures and a tough market outlook. In the half-year ended 29 December 2024, its profits are expected to…

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DFS reshuffles management team in bid to streamline business

DFS has announced changes to its management structure that will bring DFS and Sofology under one team in a bid to simplify the business.As part of this, Sofology managing director Emma Dinnis will step down at the end of this month. Dinnis first joined DFS in 2022, having previously worked…

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Today’s news in brief-27/11/24

The House of Lords Built Environment Committee has urged high streets to evolve beyond retail to reverse their decline. Its report highlights over 10,000 store closures in 2023, emphasizing that the traditional dominance of retail is outdated. Instead, demand is shifting towards leisure, dining, and public services such as health…

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DFS secures SBTi approval for emissions reduction targets

Sofas retailer DFS Furniture has announced that its near-term science-based emissions reduction target has been approved by the Science Based Targets initiative (SBTi).  In the near term, the group aims to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 55% by 2033 and, additionally, that 73% of Scope…

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