Dunelm has posted £1.64bn sales for the 12 months to July 2nd, 2023 – 5.5 per cent up on the previous year. However, the retailer which operates 172 UK stores as well as a robust online division has advised a 7.8 per cent fall in its pre-tax profits to £192.7m which it attributes to the impact of cost inflation.
The pretax profit actually achieved is above analyst expectations despite operating cost increases which were up to £622m as compared with £582m in the prior year.
CEO Nick Wilkinson said: “In a period of extensive economic uncertainty, we have maintained our focus on enhancing our customer proposition, expanding our offer whilst staying fully committed to value and making every pound count.”
The business had reduced the price of 1000 products in the spring, passing on savings from lower freight costs and had also expanded its range to over 70,000 products in order to offer a wider range of price points.
“This has clearly resonated well with our customers, enabling us to continue growing our market share. As ever, our amazing colleagues have been at the heart of this performance and I thank them for their knowledge, personality, commitment and enthusiasm,” added Wilkinson
“As we manage the ongoing challenges, it is crucial that we do not lose sight of our longer-term ambitions. We are committed to raising the bar on value and joy for our customers and continuing to invest where we see good returns so that we can seize the various opportunities ahead.”
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