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Dunelm To Open More Value Stores

14 January 2009

The relatively strong position of value-for-money retailers as the credit crunch worsens is illustrated by bullish projections from homeware chain Dunelm. It says it is in "very robust" shape to ride out the current retail storm, and remains confident of continuing its store-opening and jobs-boosting programme over the next 18 months. Last year the group opened superstores in Huddersfield, Newtownabbey and Plymouth, bringing the total number to 79. The board remains committed to its medium-term target of at least 150 superstores. Although it reports a 5.6% fall in like-for-like sales during the six months to December 29, the company says it has held its margins by avoiding unplanned promotions. Chief executive Will Adderley said they had put in a solid performance without the need for price-slashing. He said: "We believe that this puts us in very robust shape to ride out the storm and to profit from the opportunities which it will inevitably throw up." He added that the company's strong end-of-year cash balances of £23.4 million should help it maintain dividend payouts. Shares rose almost 4% after the update, linked to the sales decline being lower than the 7% fall predicted by Seymour Pierce's Freddie George. Copyright © Press Association 2009

 

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