Belfast Telegraph

DFS blames 'challenging market' for its tough year

By Ravender Sembhy

Profits at sofa chain DFS have tumbled after the group was thumped by the UK's faltering economy, falling consumer confidence and the Brexit-induced collapse in the pound.

The company, which has one store in Northern Ireland, booked a 22.3% fall in pre-tax profits to £50.1m in the year to July 29, while revenue edged up just 0.9% to £762.7m.

DFS pointed to a "very challenging furniture market".

Chairman Ian Durant said: "Continuing uncertainty in the economy led to a significant deterioration in the consumer market which impacted sales in the second half of the year."

Mr Durant added: "The continued weakness of sterling against the US dollar has also created a headwind for gross margins, some of which we have been able to mitigate."

The company's local store is at Boucher Road in Belfast.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.