Sofa retailer DFS has posted a significant fall in revenues for the year to June 28th. Coming in at £724.5 million against £901 million in the previous year, the business has made an underlying pre-tax pre-IFRS 16 loss of £56.8 million. Hit heavily by lockdown which impacted not only store sales but also the required two-person deliveries to consumers’ homes, the business had sold The Sofa Workshop brand and is now seeing demand from its re-opened stores and online channel revive.
“While the reported profit is undoubtedly disappointing in headline financial terms, a significant proportion of this profit has already been recovered in the current year as we resumed customer deliveries”, said group CEO, Tim Stacey. “The current year has started very strongly with all showrooms now open and our digital channels continuing to grow.
“We believe that this growth is due to a combination of pent up demand from lockdown, consumers spending relatively more on their homes and the strength of the DFS and Sofology propositions in particular.”
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