September 4, 2019 / 6:49 AM / 19 days ago

UPDATE 1-Dunelm annual profit jumps; Brexit gloom stokes cautious FY outlook

(Adds details on results, company comment)

Sept 4 (Reuters) - Dunelm Group posted on Wednesday a 23% jump in its annual pretax profit, but the British homewares retailer said it would maintain a cautious stance about its full-year outlook due to uncertainty over Britain’s exit from the European Union.

The company, as flagged earlier in July, posted a 10.7% rise in total like-for-like sales in the year ended June 30, aided by growth in its brick-and-mortar stores and website

Like its peers, Dunelm has been expanding its online business as price-conscious consumers look for bargains online. However, the wet-summer weather prompted shoppers to stay indoors and give their homes a makeover.

“Recent trading performance has continued to be strong, reflecting both weak comparatives in the prior year and continued market share growth,” the company said.

“However, we remain cautious about full-year outlook due to increased Brexit uncertainty, and specifically, the impact it may have on consumer spending as we enter our peak period,” the retailer said.

Dunelm had raised its annual profit forecast for the second time in two months in June as the early wet-summer weather drove Britons to its out-of-town shops and online spending rose.

The company on Wednesday declared a special dividend of 32 pence for the year, which came in below RBC’s expectation of 50 pence. (Reporting by Justin George Varghese in Bengaluru, Editing by Sherry Jacob-Phillips)

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