Sales and earnings have fallen at Doncaster-based furniture group DFS.
The company says sales for the nine months to the end of April were down by eight per cent from £486.0 million to £446.8 million, while earnings before interest, tax, deductions and amortisation fell by nearly 12 per cent from £56.2 million to £44.5 million.
DFS invested £3.6 million during the period in funding retail and manufacturing expansion, including opening 12 new stores, including stores in Sheffield, central London and Dublin.
DFS chief executive Ian Filby said: “In what has remained a challenging trading environment, we have continued to focus on maximising DFS’s market share and increasing the efficiency of our operations.
“As we expected, this has delivered an improving trend in our performance during the year, with the third quarter benefiting from a growing sales contribution from new stores and improved margins as the result of more cost-effective media buying.
“Our expansion programme remains firmly on track, with 11 new stores opened during the first nine months of our financial year. We have also continued to develop our successful and growing online business.
“Our new stores will continue to make a growing sales contribution, and are expected to contribute to profit in this period.”