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Dunelm - Negotiates mild Christmas without mishap

February 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Dunelm has seemingly dodged the warm December bullet with its trading update showing like-for-like sales growing 3.9% with total sales up 8.3% for the 13 weeks to 2 January. Admittedly it was flattered by a positive timing impact of six extra trading days of its Winter Sale falling within the Q2 and stripping this out, like-for-like sales declined 0.8%. Gross margins rose a useful 0.3%.Dunelm opened seven new stores including two relocations and ended the period with 151 superstores. Net debt was £48.1m (H1 ’15: net cash: £61m) after the special dividend paid in H2 ’15.Jefferies has nudged up eps forecasts by 1.2p to 48.2p for FY’16 and by 1p to 56.4p in FY’17.Tipped at 182p, t ...

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Dunelm - Negotiates mild Christmas without mishap

February 2016

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