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A very astutely timed secondary placing. It will be interesting to see what price he gets.
It is done when the price is up after the results but not so high that there is no room for some reasonable midterm profits for those picking them up.
The better the vaccine news, the better for Dunelm.
After yesterday’s terrific performance will be interesting to see if momentum can be consolidated. GLA
Wow - what a great day !
I feel sure that by now they would have overtaken John Lewis as mkt leaders in this sector.
After analysis and discussion today by big investors they will buy imv and we should expect the sp to rise further by close on Friday.
BARCLAYS RAISES DUNELM GROUP PRICE TARGET TO 1,650 (1,600) PENCE - 'OVERWEIGHT'
Agree with the comments here - very good results. Reassuring and impressive given the horrendous operating environment!
Last time they mentioned about some of the net cash position rolling back 'we continue to expect that the £80m will unwind before year-end.' It is not clear how much of this is still to go.
I would have also liked a little more clarity on 'At this level of sales, we are making a modest weekly loss.'
Final whinge- why is the presentation only for analysts - there is no need for this with many other companies opening up their meetings to RI's.
As soon as they can get the stores open they should pick up very strongly again. With their strong cash position compared to last year they will be in a good position to expand. With so many shop closures they will be able to negotiate cheaper leases which will help future profits.
They are correct to flag the safety angle - compared to many shops they have handled things very well. Several friends that have used their stores have commented on this.
Despite the results only being interim, they look on-line with expectations and a healthy increase across the board. Net cash and the dividend were above my expectations.
Numis boosted Dunelm with an upgrade to “buy” from “add” but the broker trimmed its price target from £17 to £16.50
Results next week, so they should provide us with more details of the impact of the current lockdown.
This company looks well poised to benefit from an early exit from restrictions. Lots of competition will have disappeared. Sold up various positions to take big bet here. GLA !
Shame they didn’t mention market shares as from memory the mkt leader, John Lewis, had about 9%, and imho Dunelm must be gaining share as JL are in disarray.
So, staying in the game’s important as customer choice becomes more limited.
Its a buy for me very surprised this droped after the great rns the lock down even if it lasts a few more months .
the light is there with the vaccine the whole market will rocket on some sort of normality . Happy to buy in the low 12s
Understandable, although surprised it dropped as much, however I took this as a opportunity to get some more under1200.
With the lockdown in November and the store closures building through December, to get the level of revenues that they did shows the great potential for a more normal year.
Looking at covid infection levels, particularly in areas where they have had high levels for some time, coupled with the report of a reasonable level of immunity after infection and the vaccine role out I do not see them staying closed for too long.
Looks like ‘Sell on news’ regardless.
Be interesting to see where the sp ends up at the close.
Reliance on Click and Collect is a concern if restrictions increase
I think that is a great results , given the progressive lockdowns I would have been very happy with 300M revenue.
Even after the unwinding of the VAT deferral etc they will have net cash of 60M compared to a similar amount in debt this time last year.
As you note ,they have repaid the furlough monies although 'despite our classification as a non-essential retailer' indicates that they are not delighted with the change of status since Lockdwn1.
Only downside is that with them not claiming furlough they are now running at a weekly loss until the shops open again.
Once they are I can see there being a large bounce back for at least the first quarter as there will still be many restrictions in place which will limit other discretionary spending.
I wonder what the markets will make of it?
It looks a decent trading update. 23% increase HY20 vs HY21 and 12% y-o-y.
Digital sales up 15% HY20 vs HY21.
2nd qtr trading update released.
Not sure what the market was expecting but seems a decent performance given the circumstances.
Also note they’ve re-paid the govnt furlough payments.
The impression I get is that their online business is continuing to compensate for declining high st/retail park sales.
Certainly, I’d expect them to keep taking mkt share from John Lewis and others in a very fragmented market.
If they have then it will have been with an ever increasing headwind.
I think that the money is starting to look forward to later this year. Q1 will be heavily impacted, but after this the shops should be open, there will still be a lot of restrictions, so like last year, I think that it is likely to be another year with lots spent on peoples homes.
Suggests they’ve had a good 4th quarter.
Now down to just under 25% of stores open. They were getting approx 30% of revenues from online sales so this will help.
I wonder if they will repay the 14m furlough payments now? They said that they would if there was no further disruption this winter which has clearly not been the case. They cannot be happy that the likes of The Range, with just a minimal Iceland franchise, can remain open whilst they are forced to close.
Even with the latest English tier 4 extension and Scottish lockdown they have half of their stores open.
With homeware purchases still a popular choice it will be interesting to see how they have fared over the last quarter.