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UK's DFS Furniture lowers annual profit forecast as orders slip
[Mar 16, 2023]
British furniture retailer DFS (DFSD.L) lowered its annual profit forecast on Thursday as orders for its custom-made sofas and arm chairs slipped in recent weeks due to less spending on discretionary items by customers amid a cost of living crisis.
Inflation still remains high in Britain, forcing consumers to tighten their belts, while businesses face rising costs, including on energy bills.
The company now expects profit before tax for the year to be between 30 million pounds and 35 million pounds( $36 million-$42 million), towards the lower end of its earlier forecast of 30 million pounds to 40 million pounds.