DFS Furniture reports resilience amid a demand downturn. Cost-cutting offsets revenue dip. Revenue forecast at £1.02-1.04 billion (down £40 million). Unchanged profit guidance at £30-35 million. CEO Tim Stacey cites good operational performance, gross margin progress, and cost reduction.
'The group has performed well in tough trading conditions. Despite the weaker than expected market, good operational performance and progress on gross margins and lowering our cost base have enabled us to deliver a profit for the first half that is slightly ahead of the prior year and we remain on track to deliver our full-year profit target,' said Tim Stacey.
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Source: The Standard.