Furniture specialist DFS reported a record market share of 38% driven by “the group’s leading brands, scale and well-invested integrated retail proposition”.
In a trading update for the 52 weeks to June 25, 2023, DFS reported a record market share of 38% and underlying profit before tax and brand amortisation at slightly above £30m.
The furniture specialist said this was “in line with previous guidance” despite “the market being significantly worse than expected.”
Market volumes were down by approximately 15%-20% across the financial year as consumer demand continues to dwindle driven by a tough macroeconomic environment.
DFS said it expects to “continue to outperform a declining market” in 2024 and deliver “low-single digit £m profit growth” slightly above 2023 levels.
DFS group chief executive Tim Stacey said: “I would like to take this opportunity to thank every one of our colleagues and partners for their commitment, hard work and dedication as we trade through the increasingly challenging market conditions.
”We are in the strongest position we have ever been as a group in terms of market share, and when the market recovers, we will be well placed to deliver our strategy and grow our earnings and cash flows towards our longer-term plan.”
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