StockMarketWire.com - DFS Furniture more than doubled profits in the first five months of its fiscal year as growth in its online channel helped offset the doom and gloom on the high street, which the retailer warned would continue into 2019.

For the 22 weeks ended 30 December 2018, reported profit before tax more than doubled to £14.1m from £6.2m a year earlier, and revenue rose 29.1% to £422.3m.

'All brands delivered like-for-like revenue growth and collectively like-for-like revenues across the Group were up 6.6%,' the company said. 'Our online channels continued to perform strongly with revenues increasing by 22.6%, benefiting from our sustained investment and development focus.'

The interim dividend was maintained at 3.7p a share.

'The benefits of our investments in our online channels, delivery networks and the development of our brands help mitigate the impact of a market which we expect to remain particularly challenging in 2019 given the current political and economic uncertainty,' said Tim Stacey, Group Chief Executive Officer.

'Notwithstanding a softer start to 2019, and assuming no weakening of this environment, our profit expectations for the financial year remain unchanged.'

At 8:51am: [LON:DFS] DFS Furniture Plc share price was -4.75p at 230.75p



Story provided by StockMarketWire.com