DFS shares surged in opening Tuesday after the group revealed that the group had risen 19% in the 24 weeks ending December 15, 2019.
Despite the COVID collapse, furniture retailers have seen impressive growth on their online channels. There, sales rose 76% compared to the same period a year ago.
The group said in a statement that as retailers, they are benefiting from people who spend more money at home during the course of the pandemic.
Tim Stacey, CEO of DFS, said: “To all of our group’s colleagues about our resilience, spirit and determination to overcome many of the diverse operational challenges we have faced since reopening our business after the initial lockdown. I would like to thank you.
“We spend our time focusing on what we can control to care for people and our customers. We have experienced continuous disruptions and delays in our delivery due to port congestion and lack of raw materials. Given that I apologize to others, I want to thank the customers for their patience.
“The current environment is clearly unpredictable, but our business model is resilient and suited to medium-term growth,” he added.
Looking forward to it, the group expects annual profits within the upper half of the current market consensus range.
“While our financial performance is not affected by the short-term market environment, we believe that cash generation and overall growth outlook over the entire cycle will drive long-term fiscal revenues that are attractive to shareholders.” The group said in a statement.
With coronavirus measurements, more than 25% of retailer showrooms are currently closed, and the group is also addressing issues surrounding suppliers and shortages of raw materials.
DFS stocks are trading +10.00% at 231.00 (0900GMT). Since the beginning of the year, DFS shares have fallen from a high of 302.00.
