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Dunelm reports strong first half

The homewares retailer has announced its interim results for the 26 weeks to 30 December, 2023.

Total sales for the period were £872.5m, up 4.5% year-on-year. Profit before tax was up 4.8% over the previous year, to £123m. Gross margin was up 160bps through promotional discipline, while continuing to offer outstanding value.

Market share increased in both homewares and furniture markets, with a combined gain of 50bps. Active customers grew by 4.2% in the period, alongside increased transaction frequency.

Digital sales continued to grow with 36% of sales generated through digital channels, compared to 34% in the same period last year.

Dunelm opened four new stores in H1, taking the total to 183 and the company is continuing to invest for the long term with brand marketing, store openings, and digitalising the business.

Dunelm said it is pleased with trading so far in the second half. While customers have been resilient but the consumer outlook remains uncertain. The PBT expectations for the full year remain unchanged and are in line with the market.

Nick Wilkinson, ceo, commented: “In the past six months we have kept our customers front of mind, ensuring our broad offer has value at its core whilst also expanding our ranges, introducing new styles, and improving the experience across our store and digital channels.

“This has been particularly important in a more difficult trading environment and has resulted in another strong sales performance combined with market share gains. Despite ongoing pressures on consumers, we are encouraged by the wide variety of new customers shopping with Dunelm, and existing shoppers also coming back more frequently. Alongside the positive sales performance we have delivered a very strong gross margin, which is testament to our tight operational control and the inherent strength of our business model.

“As we move towards Spring and customers look to freshen up their homes, our specialist proposition continues to resonate strongly and, in a dynamic retail environment, we are relentlessly focused on evolving and investing in our business to ensure we remain relevant to further increase our broad appeal. We have never been more excited about our future as we build trust in our offer and identity as the Home of Homes.”

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