DFS profits plummet as supply chain issues and inflation take toll
DFS profits have plummeted as the retailer blamed supply chain issues, double-digit inflation and staff shortages for the slump.
For the 52 weeks to June 27, 2022, the furniture retailer reported a 44.8% drop in underlying profit before tax from continuing operations excluding brand amortisation to £60.3m, while reported profit before tax slipped 43% to £58.5m.
Sales were up 8.5% to more than £1.1bn, while revenue from continuing operations, excluding Sofa Workshop, grew by £192.4m or 20.1% compared with the non-Covid-disrupted pro-forma FY19 period.
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