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Dunelm soars to highs as it keeps up good news on sales
03.11.09
Dunelm, the poor consumer's Ikea, is continuing to be Planet Retail's darling of the recession.
The haberdasher and homewares retailer said like-for-like sales came in up 15.1% in the 17 weeks to the end of October at £154 million.
That represents a slight weakening from the 16.1% rise reported by Dunelm in the 10 weeks to early September but was greeted with huge relief among investors, who had already been warned by chief executive Will Adderley that such bumper figures could not be maintained.
Dunelm shares soared close to new highs, up 14½p at 340½p.
Though Adderley confirmed he expected to beat City half-year and full-year profit forecasts, he continued to warn Dunelm cannot replicate the boon it had from last Christmas's failures of Woolworths and rival independents like Rosebys. From the new year, Dunelm will be up against tougher year-on-year comparatives, he said.
