Britain's DFS Furniture expects housing market recovery to lift demand
Recasts paragraph 1, adds CEO comment in paragraph 3, revenue in paragraph 5, and details throughout
Sept 25 (Reuters) -British retailer DFS Furniture DFSD.L posted a 65.7% slump in its annual profit on Wednesday, but forecast higher demand for its sofas and beds in fiscal 2025 on the back of a gradual recovery in the housing market.
DFS Furniture has been struggling with lacklustre demand due to weak consumer sentiment, delivery delay and elevated freight costs amid shipping disruptions in the Red Sea.
"It is clear that the upholstery market has a long road to recovery given the 20% decline on pre-pandemic levels that we have seen," CEO Tim Stacy said in a statement.
The company said it remains optimistic about a market recovery over the course of the year and anticipates the group's profit to grow in line with market consensus, supported by the housing market and growing disposable income.
Annual revenue from continuing operations came in at 1.31 billion pounds ($1.76 billion), a nearly 8% fall from a year-earlier period.
The Doncaster-headquartered company's adjusted pre-tax profit from continuing operations slumped to 10.5 million pounds for the year ended June 30, compared with 30.6 million pounds a year earlier.
($1 = 0.7463 pounds)
Reporting by DhanushVignesh Babu in Bengaluru; Editing by Sherry Jacob-Phillips
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