Shares of DFS Furniture PLC (LON: DFS) are trading around 3% higher in London today after the sofa retailer revealed its trading activity results for the full-year ending June 28.
Revenue plunged to £724.5 million from £901 million a year earlier, but still enough to record an underlying pre-tax loss pre-IFRS 16 of £56.8 million.
Shares moved higher after the company’s head said that significant proportion of this profit has already been recovered” since reopening.
“The current year has started very strongly with all showrooms now open and our digital channels continuing to grow.
We believe that this growth is due to a combination of pent up demand from lockdown, consumers spending relatively more on their homes and the strength of the DFS and Sofology propositions in particular,” said Group’s chief executive Tim Stacey.
Following the presentation, DFS share price traded in a volatile fashion. At one point, shares fell 3% below yesterday’s closing price before rallying higher to record a 3-week high at 181p.
DFS stock price now trades at 172.6p, or 2.74% in the green.
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