Dunelm is a fast growing specialist out-of-town homewares retailer which provides a comprehensive range of products to a wide customer base, under the brand name Dunelm Mill.
Dunelm was founded in 1979 by Bill and Jean Adderley, selling curtains on a Leicester market stall. The business developed into a successful chain of high street shops in the Midlands specialising in soft furnishings and other homeware. Today the major focus is out-of-town retailing – always with the company's original principle of "Simply Value for Money" firmly in mind. Today, a significant amount of the shares remain in family hands with Will Adderley currently taking the helm as the second generation to be involved with this retail operation.
Dunelm Group plc, have just announced their Interim Results for the 26 weeks to 2 January 2010 which show the following:
Financial Highlights
• Revenues up 26.0% to £254.2m (2008: £201.8m)
• Like-for-like (LFL) sales up by 15.4%
• Operating profit growth of 75.7% to £45.9m (2008: £26.1m)
• Strong cash generation from operations of £52.5m (2008: £48.1m)
Business Highlights
• Continued market share growth
• 6 new superstores opened in the period, with 5 further units anticipated this financial year
• Strong new store pipeline for next financial year, with leases already signed on 7 locations
• Continuing progress with Dunelm Direct; over 12,000 products now available on-line
Commenting, Will Adderley, Chief Executive of Dunelm, said: "I am delighted with the results we have produced for the first half of our financial year. I believe they reflect the strength of our 'Simply value for money' proposition, with our industry-leading depth of choice supported by highly competitive prices.
On top of the excellent trading results, our financial strength and the cash generative nature of our business allow us to return some £43 million to shareholders without restricting our future expansion plans.
"We expect consumer spending to weaken in 2010 compared with 2009 as a result of broader economic and political factors. However, our business is in excellent shape and our customer proposition remains compelling. I am confident that even if like-for-like growth does prove challenging, overall Dunelm will continue to grow and to become an even stronger business."
