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Dunelm raises profit forecast

DunelmAW19Dunelm has increased its full-year profit forecast after a strong first half and winter sale.

The chain says it expects full-year pre-tax profits to be higher that the £137.3m forecast by analysts. This comes after first half like for like sales grew by 5.6% in the six months to 28 December.

Sales rose 6% to £585m and pre-tax profits by 19.4% to £83.6m.

‘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,’ says Nick Wilkinson, Dunelm ceo.

‘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.

‘We also continue to broaden our customer base and following the successful sponsorship of ITV's This Morning, which concludes in March, we are excited about our new sponsorship deal with Channel 4's First Dates programme, starting later this week, which will enable us to reach more customers with the Dunelm brand.  

‘The third quarter has started well, with a successful Winter Sale across the total retail system. As a result, we expect full year FY20 profit before tax to be slightly ahead of the top of the latest range of analyst expectations. We are monitoring the Coronavirus outbreak carefully. To date we have not assumed any material disruption to our supply chain or any financial impact in the year.

‘We have plenty to look forward to over the remainder of the year as we strengthen the Dunelm offer and help more customers to create the home they love.’