Dunelm profits up 15%
Dunelm, the home wares and clothing retailer, saw its annual pre-tax profit increase by 15.1% as trading was boosted by new store openings and strong growth in its multi-channel operation.
In the 52 weeks to 30 June 2012, the group’s pre-tax profit rose to £96.2 million while total revenues grew 12.1% to £603.7 million. Like-for-like sales were up 3.1% compared to a 0.6% decline in 2011. Operating profit increased 14.3% to £95.2 million with gross margin up 30 basis points to 48.3%.
Dunelm also saw strong growth in its multi-channel offering, which contributed 2.5% of revenues across the year.
Chief executive Nick Wharton said the group had delivered “robust” trading results in a demanding retail environment. He added: “We have also made good progress with our strategic development, scaling our business through new stores, multi-channel, and strengthened infrastructure, while continuing to improve our specialist customer proposition.”
Never Miss a Retail Update!Dunelm opened 4 new superstores in the year with an additional four units units opening since year-end. The group now operates a total of 118 superstores as it looks achieve a UK portfolio target of around 200 superstores.
Wharton said: “Looking ahead, we remain cautious of the UK consumer environment and its impact on our trading in the near term. However, with a strong new store pipeline, good momentum in multi-channel and a “Simply Value for Money” proposition that continues to resonate with a wide range of customers, we remain confident in the future growth prospects for the business.”
