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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.

  • Epic Code:
  • DNLM
  • Price:
  • 780p
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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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.

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