StockMarketWire.com - Furniture retailer DFS Furniture scrapped its dividend after swinging to an annual loss as it lockdowns forced it to shutter its stores. The company, however, said the current year had started strongly. For the 52 weeks ended 28 June 2020, pre-tax losses were £74.9m compared with a profit of £22.4 million year-on-year as revenue slipped to £724 million from £901 million.

The fall in revenue was driven by the pause in trading during the Covid-19 lockdown, the company said. DFS said it would not propose a final dividend, citing macroeconomic uncertainty. Looking ahead, the company said the current year had started 'very strongly ... with year-on-year order intake growth over the last twelve weeks.' Barring no further lockdown impacts, the company said it looked forward to reporting a 'strong first half sales and profit performance, although the full year outcome will be dependent on the effects of the pandemic and Brexit on consumer confidence, the housing market and levels of employment.'



At 8:34am: [LON:DFS] DFS Furniture Plc share price was +7p at 175p



Story provided by StockMarketWire.com