DFS sees shares drop after update

DFS saw its shares drop by 4.8% in early trading as investors reacted to a warning of slightly lower profits despite it growing market share.

The group says that after ‘a softening in order intake in recent weeks’ it now thinks it will make £30m-£35m for the full year, down from the £30m-£40m forecast in January.

It says that now accounts for 38% of the upholstery market, up from 36% and limited the fall in sales volume to single-digits in the face of what it says is a 15% drop across the market compared with 2019.

It says it was able to widen its customer base and increase average order values in the face of market conditions.

Sales in the six months to 25 December were 2.2% lower at £544.5m, with pre-tax profits dropping from £22.8m to £6.8m. 

Sofology Helena Bonham Carter

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