DFS Furniture (DFS)

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The market leading retailer of living room and upholstered furniture in the United Kingdom.


Preliminary Results For The 52 Weeks Ended 29 July 2017 – This doesn’t look good to me (even taking into account the Special Dividend).

I would expect some downside here this morning.

8-Feb-2018 – 192.2p – £406.8m – PER 9.99

Trading Update For The 6 Months To 27 January 2018 – LFL Sales up 4% (but down 3.5% if measured without the sales of recent acquisition Sofology). Expecting a stronger LFL H2. Expect conditions to remain challenging but FY expectations are unchanged.

The reasonably well covered Dividend (circa 6%) is attractive but I’m just not interested.

28-Mar-2018 – 170p – £359.8m – PER 8.75

Results For The 26 Weeks To 27 January 2018 – In-line, Interim Dividend maintained – Market continues to be challenging.

That Dividend (surprised it’s been maintained to be honest) at 6%+ is attractive but I still can’t get myself interested here.

12-Jul-2018 – 198.6p – £420.4m – PER 10.3

Trading Update –Looks like more bad news in a challenging environment.

I remain on the side-lines here.

4-Oct-2018 – 210p – £444.5m – PER 11.4

Preliminary Results For The 52 Weeks To 28th July 2018 – It’s just all a bit messy, the hot weather in Q4 taking the brunt of the blame. At least the Total Dividend is the same as last year.

I remain on the side-lines here, not attracted at all at present.

10-Jan-2019 – 205p – £434.9m – PER 10.1

Trading Update For The 5 Months To End December 2018 – Good underlying Revenue growth of 10% in a challenging consumer environment – FY Profit expectation unchanged. CFO is leaving (seems friendly enough).

I can’t get excited here at all at present.

14-Mar-2019 – 236p – £500m – PER 11.5

Interim Results For The 22 Weeks To 30th December 2018 – A mix of numbers here but looks like Revenue is up, with PBT and EPS doubled (or thereabouts). The Interim Dividend is unchanged (at 3.7p). FY profit expectations are unchanged.

Certainly more attractive than previously, I will wait and see how the FY looks.

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