8.35% @HelCahill DUNELM'S shares climbed more than eight per cent yesterday, despite a fall in sales and profits at the homeware retailer.
Sales rose 8.5 per cent to £955.6m for the year ended 1 July, but this translated into a like-for-like sales fall of 2.4 per cent due to store openings.
Adjusted profit before tax fell 15 per cent to £109m, which included a £10.7m loss from the acquisition of Worldstores. The company said likefor-like sales growth in the first two months of its new financial year had been "encouraging".
By the close, Dunelm's share price was up eight per cent to 662p.
Dunelm announced in August that its chief executive John Browett was stepping down, and warned that its Easter trading had been slower than expected. The retailer's chairman said trading continued to be challenging, but the company's update on more recent trading appears to have pleased investors.
Cantor Fitzgerald'sMark Photiades said the firm offered "multi-channel growth coupled with strong cash generation".
(c) 2017 City A.M., source Newspaper