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Sept. 24, 2020, 2:15 a.m. EDT

DFS Furniture swings to loss over COVID-19

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By Matteo Castia

DFS Furniture PLC reported Thursday a swing to pretax loss for fiscal 2020 as the coronavirus pandemic hurt revenue in the second half, but it said that trading has much improved since the lockdown.

The furniture retailer posted a pretax loss of 81.2 million pounds ($103.3 million) for the year ended June 28 compared with a profit of GBP22.4 million in fiscal 2019.

Revenue fell to GBP935.0 million from GBP1.17 billion a year earlier. The decline was driven by the pause in trading during the lockdown, DFS said.

The board declared no final dividend to preserve resources amid the pandemic.

The company said it has experienced strong online order intake since March and in showrooms since reopening, which has continued into current fiscal year.

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