Dunelm sales soar despite leadership void

Dunelm’s spell without a chief executive appears to be having no adverse effect — the homewares chain posted storming first-quarter sales today.

The group, led temporarily by chairman Andy Harrison after the shock departure of former Apple executive John Browett at the end of August, maintained “good momentum” in the 13 weeks to September 30, and outperformed the homewares market with underlying sales growth of 9.3% for its 165-store and online estate.

Shares surged 7% to 749p today and are now up 30% since Browett’s departure. Sales from Dunelm.com also rose 46.2%.

Better weather compared with a year earlier helped performance.

The company, which today was taking analysts and institutional investors around its new warehouse in Stoke, added that newly acquired online retailer Worldstores made good progress in the quarter. The business, which includes the children’s brand Kiddicare.com, recorded sales of £20.7 million in the period.

However, Dunelm said Worldstores and a higher seasonal sales mix meant the group’s margin was lower in the quarter, though in line with its expectations.