Sales up as Dunelm welcomes new chief executive
Dunelm, the Leicester-based homewares retailer, is this morning reporting an increase of 8.5 per cent rise in sales for the six months to 31 January 2011. Revenue was up from £254.2m in 2010 to £275.7m this year, the company said. Dunelm revealed the results as it introduced its new chief executive and said it planned to open three new stores over the next year.
Along with a rise in sales, Dunelm said that pre-tax profit was also up by 5 per cent to £48.5m. However, like-for-like sales were down by 1.2 per cent on 2010’s figures.
The company said that it had positive net cash of £34.3m at the period end.
Dunelm also revealed it has plans to open three new stores over the next financial year, adding to the seven it launched in 2010.
Nick Wharton, who takes up the role of Dunelm’s executive today, said: "These half year results once again demonstrate Dunelm's many strengths and are a credit to everyone involved with the business.
"We have a clear and proven strategy for growth through ongoing store portfolio development. The addition of a more ambitious multi-channel dimension represents a further exciting and achievable opportunity to continue the success of recent years.
"We naturally remain cautious regarding the fragility of consumer confidence but believe we are well positioned, thanks to our market leading proposition and financial strength, to trade successfully through this period while enhancing our strategic position."
Wharton takes over the role from former chief executive Will Adderley, who becomes deputy chairman of the board from today.
Adderley said: "After exceptional growth in sales and profits in the equivalent period last financial year, the most recent half year has been a period of consolidation. In this context it has been a substantial achievement for the business to record another profit increase as well as continuing its record of strong cash generation.
"I am delighted to welcome Nick to his role as our new chief executive and look forward to working closely with him as we continue to grow the business in the months and years to come."
