Dunelm lights up weak high street
Homeware retailer Dunelm is bucking the current high street trend of downsizing and poor results with full-year sales growth of 9.3 per cent. In a statement to the Stock Exchange this morning, the Syston-based retailer said it was more than halfway towards meeting its UK store target of 200.
Dunelem published its trading statement for the year to 2 July this morning.
Total sales value for the 52 weeks to 2 July was up to £538.5m, with £123.8m coming from the last 13 weeks of sales.
The retailer said it has opened ten new stores over the last year, including one relocation. A further 13 new superstores are contractually committed, including two relocations of existing superstores "to significantly more attractive locations", said Dunelm.
The company aims to open 200 UK stores, and currently has a portfolio of 103.
In a statement, the company said: "Our refit programme, which includes introducing our latest customer offer to existing stores, continues, with 8 major and 14 medium refits completed in the year."
Dunelm said these refits will continue, with at least 15 planned over the next financial year.
The company also said it plans to move into its new 55,000 sq ft headquarters offices in Syston by September.
Nick Wharton, chief executive, said: "In what has been a particularly challenging year, we are encouraged both by the trading performance and by the strategic development of the business.
"Our focus on constantly improving our customer offer has allowed us to gain market share while expanding gross margins; at the same time our future growth prospects have been enhanced through strengthening the pipeline of new stores and the continuing development of our multi-channel footprint. The combination of satisfactory trading and a disciplined approach to operating costs means that the board anticipates that profit for the year will be in line with current market expectations."
