Dunelm Group plc
Interim Results Announcement
Dunelm Group plc, the UK's leading homewares retailer, announces its Interim Results for the 26 weeks to 29 December 2012.
Financial Highlights
Revenues up 13.4% to £340.1m (Prior year: £299.9m)
Like-for-like (LFL) sales up by 2.2% (Prior year: 1.1%)
Gross margin up 30 basis points to 49.5% (Prior year: 49.2%)
Operating profit growth of 14.5% to £59.3m (Prior year: £51.8m)
Profit before taxation up by 14.6% to £59.8m (Prior year: £52.2m)
Earnings per share (fully diluted) up 18.8% to 22.1p (Prior year: 18.6p)
Cash flows from operating activities before interest and tax up 3.7% to £75.8m (Prior year: £73.1m)
Interim dividend increased by 12.5% to 4.5p per share (Prior year: 4.0p)
Net cash of £27.4m at period end (Prior year: £49.9m) following return of excess capital of £65.8m to shareholders
Business Highlights
Continuing market share gain on LFL basis and investment in leading proposition
10 new superstores opened in the period (including one relocation and one reopening)
Six further sites committed
Continued growth in multi-channel sales (now 4% of revenues), with enhanced on-line offer
Nick Wharton, Chief Executive, said:
"With a specialist proposition which continues to appeal to a broad spread of customers, Dunelm has continued to outperform the overall homewares market.
"We have made good strategic progress during the period, particularly supported by our work to improve customer service, the continued expansion of our store portfolio across the UK and the progress made in our on-line offering.
"The final quarter of our financial year presents some challenging like for like sales comparatives, but with a significant new store growth opportunity and an exciting multi-channel agenda in place, the Board remains confident in the overall growth prospects for the business."
