Updates

Dunelm

November 2022

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.

The out of town homewares chain reported a record end to FY’22 with pretax profit rising 35% to £209m on sales up 16% year on year (at £1,581m) and ahead 41% versus FY’19.Dunelm has managed inflation well, helped by forward buying of energy, freight contracts, FX hedging and clear wage rates. As a result gross margins only fell 0.4% to 51.2%. This solid platform helped it maintain its entry level price points, while there’s no clear weakness in higher ticket categories like furniture with higher priced items of given ranges said to be strong. Free cash flow was £153m, leaving net debt just £23.8m (in spite of investment in stock and some double running of new warehouses, absorbing £10m). Current forecasts point to a 44p divid ...

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Dunelm - Take a part profit after share spike (January 2020)

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Dunelm - New CEO licking it into shape (June 2016)

Dunelm - 50% sales growth target (May 2016)

Dunelm - Negotiates mild Christmas without mishap (February 2016)

Dunelm - Acquires Fogarty bedding brand (December 2015)

Dunelm - New CEO eyes internal improvements (September 2015)

Dunelm - 70p-a-share special dividend (April 2015)

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Dunelm - Will Adderley returns as CEO (November 2014)

Dunelm - Specialist homewares retailer looking good value again (September 2014)

Dunelm - Cash generation very strong (March 2014)

Dunelm - Another special dividend (November 2013)

Dunelm - Shares burst through Â£10 (September 2013)

Dunelm - Trading ahead of expectations (May 2013)

Dunelm - Gain to date:374% (March 2013)

Dunelm - Gain on original tip: 323% (February 2013)

Dunelm - Special dividend unveiled (October 2012)

Dunelm -Homewares retailer eyes expansion to 200 stores (September 2012)

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Dunelm - Trading beats analystsâ€™ hopes (June 2011)

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Dunelm - Shares hit new high of 470p (November 2010)

Dunelm - Q4 trading ahead of hopes (September 2010)

Dunelm - Homewares retailer well set to expand to 200 superstores (June 2010)

Dunelm - 21.5p special dividend (April 2010)

Dunelm - Gross margins improve 200 basis points (February 2010)

Dunelm - Another big profit upgrade for homewares firm (December 2009)

Dunelm - 16% jump in like-for-like sales (November 2009)

Dunelm - Homewares retailer to open 10 new superstores this year (August 2009)

Dunelm - Take part profit after good run (June 2009)

Dunelm - Homewares firm to accelerate new store openings (April 2009)

Dunlem - Gross margins still ahead of last year (February 2009)

Dunelm Group - Ungeared homewares retailer well placed for further expansion (January 2009)

Dunelm - Homewares firm prices low and still beats forecasts (December 2008)

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Dunelm

November 2022

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