(Alliance News) - Dunelm Group PLC said Wednesday interim profit rose substantially on solid revenue growth, lifting its outlook as a result.
For the six months ended December 28, the Syston-based homewares retailer reported a pretax profit of GBP83.6 million, up 19% from GBP70.0 million the same period a year before.
Revenue, meanwhile, grew by 6.0% year-on-year to GBP585.0 million from GBP555.8 million, and rose by 5.6% on a like-for-like basis.
Like-for-like sales from stores rose by 2.0%, while online like-for-like sales rose by 33%.
Dunelm declared an interim dividend of 8.0 pence per share, up 6.7% from 7.5p the prior year.
The FTSE 250 constituent said its third quarter has started well, it and expects annual pretax profit to be ahead of analyst expectations, which range from GBP135.0 million to GBP137.3 million.
In addition, Dunelm plans to open two to three new superstores in the second half of the year. Overall, the group said it is well-positioned in the market, despite an uncertain outlook for consumer spending.
"We have made good progress over the first half, following a strong performance last year, which is reflected in the significant growth delivered in both sales and profits. We continue to build strong foundations for future growth. The successful launch of our digital platform accelerates our ability to innovate our customer proposition and we remain focused on operational improvements across all areas of the business," said Chief Executive Officer Nick Wilkinson.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Dunelm (DNLM)