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.

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