Business
Pre-Close Trading Update
Pre-Close Trading Update.
About this update from Dfs Furniture Plc
[{"type":"text","content":"\n \nRNS Number : 3807U DFS Furniture plc 12 July 2018 \n\nTHIS STATEMENT CONTAINS INSIDE INFORMATION\n12 July 2018 For immediate release\nDFS Furniture plc (\"DFS\" and the \"Group\")\nPre-Close Trading Update\n \nOverview of Financial Period to Date\nContinuing the trend indicated in our half-year results in March, the Group saw year-on-year positive like-for-like order intake momentum, ahead of our expectations, across the third quarter of the financial year. However in the fourth quarter to date, exceptionally hot weather, including over key trading weekends, has led to significantly lower than expected order intake. Over the period we have also experienced disruption outside of our control to ships bringing made-to-order products from the Far East. Within the core DFS business, total LFL delivered revenues has therefore been c.3% lower than last year, over the 23 weeks to 7 July 2018, and c. 4% lower over the 49 weeks to 7 July 2018. \nVariable cost flexibility and reductions to discretionary costs, have provided some mitigation to this recent trading environment, however we currently anticipate reporting EBITDA for the full financial year below the prior year (FY17 £82.4m), and this will reflect the timing of the arrival of products from the Far East before the financial year end. \n \nOutlook\nWe continue to expect that the furniture retail market will remain challenging over the next twelve months, given ongoing reduced consumer confidence levels, although we would expect some alleviation of current short-term demand effects.\nO...