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Dunelm Q2 LFL Revenue Up; Sees FY PBT Modestly Ahead Of Top Of Market Range

Dunelm Group plc (DNLM.L), a homewares retailer, reported Monday that its second-quarter total group revenue increased 2 percent from last year to 303.6 million pounds, reflecting the closure of the Worldstores and Kiddicare websites as previously announced.

In its trading update for the 13-week period ended December 29, the company reported total revenue growth of the continuing Dunelm business, including the benefit of changes to the store portfolio, was 9.6 percent to 304 million pounds.

Total like-for-like revenue growth for the quarter was 9% to 282.5 million pounds. LFL store revenue increased 5.7% year on year. LFL online revenue on Dunelm.com continued to grow strongly in the quarter by 37.9%.

Total multi-channel revenue for the quarter, defined as LFL online revenue plus Reserve & Collect and tablet-based selling in-store, represented 16.5% of revenue, an increase of 4.1 percentage points year on year.

Further, the company estimates gross margin has increased by approximately +190bps at the Group level compared with the second quarter last year.

The company expects profit before tax in the first half to be approximately 70 million pounds.

Looking ahead for the full year, the company noted that given unprecedented levels of uncertainty currently facing consumers and businesses in the UK, it remains cautious about the outlook.

If the homewares market continues to grow at a similar rate to that experienced in the first half, the company expects to deliver full year PBT modestly ahead of the top of the range of current analysts' forecasts.

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