Shares of Doncaster-based DFS Furniture plunged as much as 7% after it said revenues for the second half of its financial year were 4% lower than the prior year.
“Consequently, EBITDA for the year will be at the low end of the £82-£87 million range previously given, with revenue impacts being partly offset by cost flexibility and the early benefits of operating efficiency initiatives,” said DFS.
In an update on trading for its financial year ended July 29, 2017, DFS added: “As announced in June, revenue in the second half has been weaker than we expected owing to significant declines in store footfall and customer orders across April, May and June.
“We believe this to be an industry-wide issue, resulting from the uncertain economic environment and unexpected general election, exacerbated by warm weather in May and June.
“Our summer sale, however, started satisfactorily in July, consistent with trends we have seen in offline and online sector indicators.”