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Highlights
- Order intake growth sustained: DFS sees continued year-on-year growth in order intake, aligning with expectations.
- Cost-efficiency focus: Ongoing efforts to streamline costs yield positive results into FY25.
- New CFO appointed: Marie Wall to join as Interim CFO from December 2, 2024.
DFS Furniture plc (LSE:DFS), the UK's leading retailer of living room and upholstered furniture, provided a business update ahead of its Annual General Meeting today. The Group highlighted promising trends in its trading performance and announced a key leadership transition.
Trading Performance Update
In its statement, DFS reiterated the positive trajectory it observed in the final quarter of FY24, where order intake showed year-on-year growth. This upward trend has continued into the first 20 weeks of the current financial year, meeting the Group’s expectations.
The company emphasized its success in maintaining this momentum through FY25, attributing it in part to the ongoing efforts to reduce operating costs. These initiatives, implemented throughout FY24, have carried over effectively into the current fiscal year, contributing to improved operational efficiency.
DFS stated it would provide a more detailed update on its financial performance in its post-close announcement scheduled for January 17, 2025.
Leadership Transition: New CFO Joins
As part of its strategic leadership realignment, DFS announced the appointment of Marie Wall as Interim Chief Financial Officer (CFO). She is set to assume the role on December 2, 2024, and will report directly to Chief Executive Officer Tim Stacey.
Marie Wall brings extensive experience from senior finance roles at prominent companies, including Imperial Brands, Wolseley, and Dixons Carphone. Her expertise is expected to play a pivotal role in guiding DFS’s financial strategy during this transition period.
The announcement follows the October 17, 2024, statement confirming the departure of John Fallon, the outgoing CFO. Fallon will step down from the Board on November 22, 2024, and officially leave the company on January 17, 2025. The overlap ensures a smooth handover of responsibilities to Wall.
Outlook and Future Updates
With sustained growth in order intake and continued focus on cost management, DFS remains optimistic about its performance in the current financial year.
