MFI sees no sign of slowdown

FURNITURE group MFI has seen no sign of a slowdown in consumer spending since 11 September, and growth in like-for-like sales advanced by 10.3% over the 45 weeks to 10 November.

That takes its sales figure for the year so far to £940m. The Howdens trade chain was again the star performer, pushing total sales ahead by 54% and like-for-like sales by just over 28%. Underlying growth at the MFI chain was 7.1%, or 12.1% overall.

One disappointment was the group's Hygena at Currys venture, involving 99 concessions. It missed MFI's expectations and will not reach its target of break-even for the year. However, the new-concept MFI stores are continuing to do well and orders since conversion are up by as much as 50%.

The refurbishment programme has been advanced and chief executive John Hancock expects to have 35 new-format stores by the end of the year. MFI has also introduced bathroom products into 12 test stores and these are performing better than expected.