Dunelm Group, one of the UK's leading homeware retailers has announced its preliminary results for the 52 weeks to 29 June 2024.
Sales reached £1.71 billion for the year, up 4.1% from £1.64 billion in the previous fiscal year, despite a softer market. This growth was driven by increased sales volumes, which rose by 6.2%, as customers responded positively to the company's relevance, value, and choice.
The company also gained an additional 60 basis points in market share within the combined homewares and furniture sectors, bringing the total to 7.7%. There was a 5.1% increase in active customers, with growth across all age groups, income levels, and geographic regions.
Photo: Dunelm.
Both in-store and online sales grew, with digital sales now accounting for 37% of total sales, up from 36% the previous year. The company opened six new stores, including one relocation, aligning with its expansion plans and boosting confidence in extending its store rollout strategy across various sizes and formats.
Looking ahead, the company anticipates a challenging consumer environment with uncertain timing for sector recovery. Sales growth in the next fiscal year is expected to be driven by volume and further market share gains.
The company remains confident in its plans, which include ongoing investment in growth and productivity, and aims to reach a 10% market share in the medium term. The strategic focus areas are elevating the product offer, expanding customer connections, and enhancing operational capabilities.
'I am pleased to report another strong performance, in what remained a tough consumer environment. The homewares and furniture market was still soft and during the year we faced both inflationary pressures and disruption to major shipping routes. Nevertheless, we have again demonstrated the resilience of our business model in achieving growth, stable operating margins and strong cash returns.
At the same time, we continue to invest for the long-term as we identify growth and productivity opportunities for the future. As we assess the changing consumer landscape, we are evolving our focus areas to frame our strategic priorities and investment choices. Entering this next phase of growth, we are committed to our vision to become the UK's most trusted and valuable homewares and furniture brand, and will achieve this by unlocking our full potential as The Home of Homes,' Says CEO Nick Wilkinson.
More information:
Dunelm
www.dunelm.com