Total sales at Dunelm for the year ended 29 June 2024 were up 4.1% to £1.7 billion.
Digital sales also increased by 1% to 37% of total sales during the year. Gross margin increased from 50.1% in FY23 to 51.8% in FY24, while profit before tax was up 6.6% year-on-year to £205.4 million.
Over the year, the home retailer reported an increase in active customers of 5.1%, with growth across all age, income and geographic cohorts. Dunelm said its customers responded well to its relevance, value and choice with sales growth driven by volumes (+6.2%).
Looking ahead, the retailer says it continues to see a challenging consumer environment and the timing of a sector recovery remains uncertain. Dunelm expects sales growth in FY25 to be driven by volume and further market share gains.
Nick Wilkinson, ceo, commented: “This strong set of results is testament to the hard work of our adaptable and committed colleagues. In a period when consumers faced inflationary pressures and competing demands for their disposable income, we have continued to raise the bar on the relevance and value we offer at Dunelm. The continued delivery of volume-driven sales growth and further share gains in this softer market underlines this, and the strength and resilience of our business model.
“We have made good progress with our growth plans, including the expansion of our store estate, building a faster and better digital experience for customers, and advancing our tech and data capabilities. As we evolve our strategic thinking in this changing environment, we are now even clearer on the areas which will help us to unlock our full potential as The Home of Homes.
“Whilst we are gradually seeing improvements to economic indicators, we are yet to see a meaningful change in consumer spending habits in our markets. Against this backdrop, and compared to a strong first quarter last year, we have made a solid start to FY25. Our plans give us a clear pathway to reaching our next milestone of 10% market share in the medium term, and we remain very confident in our ability to deliver long-term sustainable growth as a result.”
