Brexit burden for sofa chain
DFS warned Brexit and the weak housing market will hit profits in the next year.
Trading has been ‘subdued’ in recent weeks due to political and economic uncertainty, the sofa company said.
The strength of the housing market and consumer confidence are ‘the two key drivers of the upholstery sector’, it added.
The company reported a 13.2 per cent fall in annual profits to £22.4million.
Revenues rose 3.5 per cent to £901million.
The firm highlighted particularly strong performances online and in Sofology, which it acquired in 2017.
Shares fell 0.7 per cent to 225p.
DFS warned Brexit and the weak housing market will hit profits in the next year.
Trading has been ‘subdued’ in recent weeks due to political and economic uncertainty, the sofa company said.
The strength of the housing market and consumer confidence are ‘the two key drivers of the upholstery sector’, it added.
The company reported a 13.2 per cent fall in annual profits to £22.4million.
Revenues rose 3.5 per cent to £901million.
The firm highlighted particularly strong performances online and in Sofology, which it acquired in 2017.
Shares fell 0.7 per cent to 225p.
Comment