DFS reports a pre-tax profit of £29.7 million for the 52 weeks ending 25 June 2023, down 49.2% from £58.5 million in 2021/22. Its revenue from continuing operations fell 5.3% to £1.09 billion for the period showing a “very weak market and high levels of input cost inflation.”

Its chief executive Tim Stacey said: “The group is operating in one of the toughest economic climates we have experienced. Whilst we are confident the upholstery market will recover, forecasting the specific timing and pace of the recovery is challenging. We do, however, expect to generate a modest year-on-year increase in profit before tax in FY24 despite a relatively weak market in which we expect volumes will continue to decline across the next 12 months.”