Dunelm Group PLC (LSE:DNLM) profits jumped 32% and said it is on track to deliver 2023 results in line with expectations “despite an extremely challenging environment”.
The homeware retailer posted pretax profit for the 53 weeks ended 2 July of £209mln, with sales up 16.2% to £1.5bn. Active customers increased 8.5% across all demographics.
"We feel confident and well prepared to weather the current economic pressures - we emerged from an unprecedented global pandemic as a bigger, better business and we believe we have the tools in place to do that again,” said chief executive Nick Wilkinson.
Turning to current trading, the group said sales in the first ten weeks of the current financial year remained robust and it is confident its business model will ensure it will succeed in the challenging environment. The retailer is also managing input cost inflation.
However, for the last financial year, Dunelm said debt was £23.8mln compared with a cash position of £128.6mln previously due to capital investment, the purchase of shares to be held in treasury and by giving more cash back to shareholders in the form of dividends.