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Dunelm outperforms homewares market in strong start to year

Thu, 14th Oct 2021 09:19

(Alliance News) - Dunelm Group PLC on Thursday reported a rise in first quarter total sales, as the pandemic DIY boom continued into the new financial year.

The Leicester-based home furnishings company made total sales of GBP388.8 million in the three months to September 25, up 8.3% on last year and up 48% on two years ago.

Dunelm said it outperformed the homewares market in the period and gained further market share every week.

Of its first quarter sales, 33% were digital. Dunelm began to see bumper digital success in the year ended June 26, where digital sales accounted for 46% of all sales, compared to 27% a year earlier.

Dunelm added that its "strong performance" was driven by positive customer response to its summer sale in July and popular new ranges in its furniture categories.

The FTSE 250 constituent expects its first half margin "flat to slightly positive" on last year, though it expects a full-year margin between 50 and 75 basis points lower than a year prior.

It had net cash of GBP209 million at the end of the quarter, up from GBP175 million year-on-year.

Dunelm backs the "recently increased" full year analyst consensus forecasts, as it hopes to continue outperforming the homewares market. It noted good warehouse and supplier partners, and stock levels.

"We are pleased with our performance in the first quarter, with sales growth across all channels and continued market share gains, especially given the strength of the comparative period last year, which benefited from pent-up demand following the first UK lockdown," said Chief Executive Nick Wilkinson.

Shares were up 1.9% at 1,325.00 pence in London on Thursday morning.

By Josie O'Brien; josieobrien@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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