Final Results

D.F.S. Furniture Company PLC 17 October 2002 17 October 2002 DFS FURNITURE COMPANY plc PRELIMINARY RESULTS FOR THE 53 WEEKS ENDED 3 AUGUST 2002 'One of the world's most effective shareholder value creators' (Source: KPMG's Global Consumer Markets Group and the Oxford Institute of Retail Management) Record operating profit * Â£53.1 million up 8.7% Turnover Â£462.2 million up 15.0% Like-for-like sales up 4.7% Earnings per share * 34.0 pence up 5.3% Dividend per share 22.7 pence up 10.2% Special dividend 14.1 pence paid May 2002 * before exceptional profit relating to the Primback case. 'I am delighted to report another year of good progress for DFS, with record profits, record earnings per share and our highest-ever market share. Our expansion programme also goes from strength to strength, with five new stores opened during the year and a record number of new stores in the pipeline. DFS continues to set the standards for our sector: not only in products, store design and marketing impact, but also in the key financial measures of success. Last year for the first time we achieved sales of over Â£500 for every square foot of retail selling space, and of over Â£500,000 for every retail employee. These are figures unmatched in our industry, for a business of our scale, underlining our fundamental strengths as the undisputed UK market leader with the strongest brand, best stores, most comprehensive product range and great people. We have a significant freehold store base, substantial cash reserves and a consistently strong operating cash flow, all providing an ideal platform from which to maximise the many profit enhancing opportunities before us. We take great pride in the creation of 264 new jobs through our expansion programme last year, and look forward to recruiting even more people as we open new stores and expand our manufacturing capability in the current year. The strong like-for-like sales trend reported in the second half has been sustained in the current year to date and, providing that there is no fundamental change in the overall economic climate, I take a positive view of our prospects. However, we cannot disregard the growing competition in our market-place, the macro economy and uncertain international situation and all optimism should be tempered with caution. Overall, however, I remain confident of our ability to achieve continued growth for the benefit of our shareholders as we progress our planned and prudent expansion programme.' Graham Kirkham Executive Chairman Enquiries DFS Furniture Company plc Graham Kirkham, Executive Chairman Jon Massey, Chief Operating Officer Ian Bowness, Finance Director Tel: 020 7796 4133 (on 17 October 2002) Hudson Sandler Keith Hann Noemie de Andia Tel: 020 7796 4133 CHAIRMAN'S STATEMENT I am delighted to report another year of good progress for DFS, with record profits, record earnings per share and our highest-ever market share. Our expansion programme also goes from strength to strength, with five new stores opened during the year and a record number of new stores in the pipeline. These achievements are all the more pleasing given the highly competitive market conditions in which we operate, and significant increases in retail rental costs. The latter underlines once more the wisdom of our consistent policy of buying the freeholds or long leaseholds of our stores whenever appropriate: an approach made possible by our formidable cash generation and robust balance sheet. RESULTS Sales for the 53 weeks to 3 August 2002 grew by 15.0% to Â£462.2 million, an increase of 13.3% adjusted to a 52 week basis. Like-for-like sales through our core of comparable stores grew by 4.7%, with the 2.0% increase already reported for the first 26 weeks being followed by a 7.2% rise in the second half. This improvement reflected the strong order bank carried forward at the end of the first half and increased order intake in May and June, while the extended Golden Jubilee Bank Holiday afforded an additional promotional opportunity. Operating profit, before the exceptional profit already reported in the first half relating to the Primback case, increased by 8.7% to Â£53.1 million. Our operating margin before the exceptional profit was 11.5%, compared with 12.2% in the prior year. This principally reflects our strategy of flexing margins to drive volume, some additional wage costs directly related to improving customer service plus increased rental costs, following five-yearly reviews of a significant proportion of our leasehold estate. There was also a 47.0% increase in new store pre-opening costs to Â£4.0 million. Interest receivable of Â£0.5 million before the exceptional profit (2001: Â£1.2 million) reflected lower average cash balances, following the payment of special dividends, and lower interest rates. Profit before taxation and the exceptional profit grew by 7.1% to Â£53.6 million, delivering a 5.3% uplift in pre-exceptional earnings per share to 34.0 pence. Prior year figures have been restated, to assist comparison, following our adoption of FRS 19 'Deferred Tax'. EXCEPTIONAL PROFIT As already disclosed in the interim report, during the first half we released to the profit and loss account, as an exceptional profit, Â£17.4 million relating to the Primback case. Including this exceptional amount, profit before taxation for the 53 weeks grew by 41.9% to Â£71.0 million, and earnings per share by 48.6% to 48.0 pence. FINANCES Our balance sheet remains very strong, with free cash at the year end of Â£25.4 million and a further Â£18.2 million relating to the Primback case, giving us total cash balances of Â£43.6 million. At the previous year end we had free cash of Â£29.8 million plus an additional Â£67.4 million relating to the Primback case. Further Primback monies were accrued during the year ; we subsequently released Â£17.4 million as an exceptional profit and paid Â£44.4 million to H.M. Customs & Excise on 5 February 2002 to protect ongoing appeals. The legal process relating to these matters is continuing. On the separate matter of the Â£6.2 million, plus interest and costs, awarded to DFS by the High Court on 22 March 2002 relating to 1997 VAT payments associated with the Primback case, a further hearing has recently taken place in the Court of Appeal whose judgment is awaited. The modest reduction in our free cash balances during the year reflects record capital expenditure of Â£29.0 million, including the purchase of three store freeholds. The Board believes that it is important to retain the flexibility to make further freehold acquisitions as suitable opportunities arise. DIVIDENDS The Board recommends a final dividend of 16.0 pence per share (2001: 14.5 pence), an increase of 10.3%. Together with the increased interim dividend of 6.7 pence paid in June, this makes a total ordinary dividend for the year of 22.7 pence (2001: 20.6 pence), an increase of 10.2%. Yet another tremendous dividend reflecting the Board's long term confidence. In addition, shareholders have benefited from a special dividend of 14.1 pence per share, paid in May, representing the whole of this year's exceptional profit after taxation. DFS remains committed to a progressive dividend policy that will provide shareholders with increases in their income that broadly reflect the growth of earnings per share over the medium term. We will also continue to ensure that our shareholders derive full benefit from any future cash deemed to be surplus. STORES We opened five new leasehold stores during the year, in line with our long-standing target of controlled expansion at the rate of some 15 - 20 stores over a three year period. Our new Basildon store began trading in the first week of the financial year, while Belfast and Taunton both opened on 8 December. In the second half we added two new stores in Hertfordshire, with Borehamwood opening on 16 March and Stevenage on 1 June. All these new stores have traded successfully and in line with our expectations. In the current financial year, a new leasehold store in Hull opened on 27 August, while our previous upholstery store there is being refitted to become our fourth Dining Centre outlet. Further new stores in Birstall (Leeds), Watford and Aberdeen are expected to open before the end of the first half. We also plan to open stores at Tollcross (Glasgow) and Tunbridge Wells later in the year with other new stores in our pipeline including Cambridge and Carlisle. Additionally, we have a record number of potential sites under negotiation, all underlining our appeal to landlords as a proven traffic generator and the enormous opportunities that still exist for DFS, with potential for 100 upholstery stores within the UK compared with only 60 currently trading. Just as importantly, the development of new stores has not distracted us from ensuring that our established outlets retain their consumer appeal by incorporating our continually evolving standards in design and decor. Major refurbishments were carried out during the year at Darley Dale, Banbury, Cheltenham, Sunderland and Chester, and in the current year to date we have already refurbished and re-launched our stores at Colchester and Peterborough. We are already the acknowledged leader in store design and layout in our sector, and we continue to set new standards in the retail environment and visual merchandising as our concept is developed. PRODUCTS Our strong sales growth in a crowded and competitive market place is based above all on having the products people want to buy, when they want them and at the right price. The DFS offer today is stronger than ever, with the most comprehensive range of designs and options, providing choices that are unmatched in breadth and depth. Our commitment to retaining the leading position in our sector was underlined by the recruitment during the year of a new Director of Design to lead our growing in-house design and development team. MANUFACTURING Our unique integrated approach to manufacturing and retailing remains a key point of difference for DFS, and makes a major contribution to our consumer appeal by ensuring the total exclusivity of our designs and complete control of both quality and lead times. There is no doubt that our in-house UK production capability gives us a flexibility and competitive edge not available to competitors who may be increasingly reliant upon sourcing from Far Eastern suppliers. Our three factories have again achieved record levels of output, making us the second largest manufacturer of quality upholstery in the UK, with plans well developed for further expansion. Following a comprehensive review of our future production requirements, we have decided to relocate our head office from Adwick-le-Street to our new Redhouse site on the outskirts of Doncaster, where the 120,000 sq ft facility will now be developed for central distribution to stores. This relocation will give us the potential to double production capacity at our existing Adwick-le-Street factory. Work is well under way to expand our factory at Long Eaton in Nottinghamshire, with an extension due to be fully operational by the end of 2002. This will enable us, over time, to double production on this site. We have also acquired a substantial area of land next to our Alfreton factory, providing us with scope for expansion of this facility in the future. These investments will ensure that we can continue to grow production on all three sites to keep pace with the planned expansion of our retail business. DFS BRAND AND MARKETING The last few years have seen some switch of emphasis in our marketing from simply being price driven to one which underlines the real values of the DFS brand. These include our 33 year history, our unique point of difference as a combined large scale manufacturer and specialist upholstery retailer, and our unrivalled choice of both contemporary and classic designs that are in tune with our customers' lifestyles. The success of our distinctive advertising message is reflected in the increase in our UK market share in upholstered furniture to 15.2% over the last year. The cost-effectiveness of our TV, radio and national newspaper and magazine advertising will improve as we extend our nationwide store coverage, bringing substantial benefits. Research indicates that consumer awareness of the DFS brand is higher than ever before and is still growing. In addition, we believe that we can only benefit from recent high profile action by the industry regulators to stop misleading 'interest free' options provided by other retailers; the DFS interest free credit offer has always been absolutely and totally interest free without caveat or exception. This is clearly another important point of difference for DFS, helping to create the exceptional sales densities that we enjoy through valuable referral and recommendation business. NUMBER ONE IN THE UK During the year we were delighted to receive recognition as one of the world's most effective shareholder value creators in the retail industry, being ranked number one in the UK and second in the world. This global study of value creation by 500 leading retailers was conducted by KPMG's Global Consumer Markets Group and the Oxford Institute of Retail Management based at Templeton College, University of Oxford. PEOPLE The new management structure we created in 2001, with the formation of our Trading Board, has ensured our operational effectiveness as the DFS business has continued to expand. I am pleased to report that we have further strengthened this important Board with the appointment of a Director of Training and Development. Our capabilities in this area will be further enhanced in the current year when our new purpose-built training centre becomes fully operational. We take great pride in the creation of 264 new jobs through our expansion programme last year, and look forward to recruiting even more people as we open new stores and expand our manufacturing capability in the current year. I would like to take this opportunity to welcome all the new members of our team, and record our appreciation for everyone's contribution to this year's record result. OUTLOOK DFS continues to set the standards for our sector: not only in products, store design and marketing impact, but also in the key financial measures of success. Last year for the first time we achieved sales of over Â£500 for every square foot of retail selling space, and of over Â£500,000 for every retail employee. These are figures unmatched in our industry, for a business of our scale, underlining our fundamental strengths as the undisputed UK market leader with the strongest brand, best stores, most comprehensive product range and great people. We have a significant freehold store base, substantial cash reserves and a consistently strong operating cash flow, all providing an ideal platform from which to maximise the many profit enhancing opportunities before us. The strong like-for-like sales trend reported in the second half has been sustained in the current year to date and, providing that there is no fundamental change in the overall economic climate, I take a positive view of our prospects. However, we cannot disregard the growing competition in our market-place, the macro economy and uncertain international situation and all optimism should be tempered with caution. Overall, however, I remain confident of our ability to achieve continued growth for the benefit of our shareholders as we progress our planned and prudent expansion programme. Graham Kirkham Executive Chairman 17 October 2002 GROUP PROFIT AND LOSS ACCOUNT 53 WEEKS ENDED 3 AUGUST 2002 (52 WEEKS ENDED 28 JULY 2001) 2002 2002 2002 2001 NOTES Â£000 Â£000 Â£000 Â£000 Before Exceptional exceptional profit Restated profit (Note 1) Total (Note 4) Turnover 462,154 - 462,154 401,940 Cost of sales (395,694) 8,699 (386,995) (341,773) Gross profit 66,460 8,699 75,159 60,167 Administrative expenses (13,329) - (13,329) (11,308) Operating profit 53,131 8,699 61,830 48,859 Interest receivable 483 8,723 9,206 1,197 Profit on ordinary activities before taxation 53,614 17,422 71,036 50,056 Taxation on profit on ordinary activities (17,894) (2,610) (20,504) (16,567) Profit for the financial period 35,720 14,812 50,532 33,489 Dividends paid and proposed 2 (38,936) (21,580) Retained profit for the period 11,596 11,909 Earnings per ordinary share 3 34.0p 14.0p 48.0p 32.3p Diluted earnings per ordinary share 3 33.6p 14.0p 47.6p 31.9p All activities were continuing throughout both the current and previous periods. There were no recognised gains and losses in either period other than those reported in the Group profit and loss account. GROUP BALANCE SHEET AS AT 3 AUGUST 2002 (28 JULY 2001) NOTES 2002 2001 Â£000 Â£000 Restated (Note 4) Fixed assets Tangible assets 100,040 78,881 Current assets Stocks 14,888 13,354 Debtors: due within one year 7,149 6,611 Cash at bank and in hand 43,622 97,202 65,659 117,167 Creditors: amounts falling due within one year (103,737) (149,665) Net current liabilities (38,078) (32,498) Total assets less current liabilities 61,962 46,383 Provisions for liabilities and charges (10,747) (9,433) Net assets 51,215 36,950 Capital and reserves Called up share capital 5,291 5,238 Share premium account 8,666 6,050 Revaluation reserve 4,294 4,345 Capital redemption reserve 78 78 Profit and loss account 32,886 21,239 Equity shareholders' funds 4 51,215 36,950 GROUP CASH FLOW STATEMENT 53 WEEKS ENDED 3 AUGUST 2002 (52 WEEKS ENDED 28 JULY 2001) NOTES 2002 2001 Â£000 Â£000 Net cash inflow from operating activities 5 27,088 62,720 Returns on investment and servicing of finance 6 588 1,267 Taxation (18,269) (16,228) Capital expenditure 7 (28,459) (13,584) Equity dividends paid (37,197) (40,615) Net cash outflow before financing (56,249) (6,440) Financing 8 2,669 4,059 Decrease in cash in the period (53,580) (2,381) Reconciliation of net cash flow to movement in net funds Decrease in cash in the period (53,580) (2,381) Net funds at the beginning of the period 97,202 99,583 Net funds at the end of the period 43,622 97,202 NOTES TO THE ACCOUNTS 1. Exceptional profit Certain amounts previously provided in respect of the Primback case have been released in the period. These comprise VAT no longer recoverable by H.M. Customs & Excise and related interest accruals. The interest accruals were not allowed for corporation tax and no charge will therefore be incurred on their release. 2. Dividends paid and proposed 2002 2001 Â£000 Â£000 Interim dividend paid 7,112 6,389 Special interim dividend paid 14,894 - Final dividend proposed 16,930 15,191 38,936 21,580 3. Earnings per ordinary share The calculations of earnings per ordinary share and fully diluted earnings per ordinary share are based on the profit for the financial period of Â£50,532,000 (2001: Â£33,489,000). The calculation of diluted earnings per share is based on : 2002 2001 Number Number Weighted average number of shares per EPS calculation 105,172,704 103,745,633 Dilutive effect of shares under option 879,838 1,116,093 Weighted average number of shares per diluted EPS calculation. 106,052,542 104,861,726 4. Reconciliation of movements in shareholders' funds 2002 2001 Â£000 Â£000 Restated Profit for the financial period 50,532 33,489 Dividends paid and proposed (38,936) (21,580) Retained profit for the period 11,596 11,909 Share issues 2,669 4,059 Net addition to shareholders' funds 14,265 15,968 Shareholders' funds at the beginning of the period 36,950 20,982 Shareholders' funds at the end of the period 51,215 36,950 The Group has adopted FRS19 'Deferred Tax' in the current year. Consequently, provisions for deferred tax as at 3 August 2002 and 28 July 2001 have been increased by Â£963,000 and the profit and loss charge for the period ended 28 July 2001 has increased by Â£24,000. 5. Reconciliation of operating profit to net cash inflow from operating activities 2002 2001 Â£000 Â£000 Operating profit 61,830 48,859 Depreciation 7,468 6,219 (Profit)/loss on sale of fixed assets (168) 81 Increase in stocks (1,534) (1,633) Increase in debtors (643) (1,270) (Decrease)/increase in creditors and provisions (39,865) 10,464 Net cash inflow from operating activities 27,088 62,720 The decrease in creditors and provisions includes a net decrease of Â£49,229,000 (2001: increase of Â£11,957,000) associated with the Primback case. 6. Returns on investments and servicing of finance 2002 2001 Â£000 Â£000 Interest received 588 1,267 7. Capital expenditure 2002 2001 Â£000 Â£000 Purchase of tangible fixed assets (28,998) (13,904) Sale of fixed assets 539 320 Net cash outflow for capital expenditure (28,459) (13,584) 8. Financing 2002 2001 Â£000 Â£000 Issue of ordinary share capital 2,669 4,059 9. The financial information set out above does not constitute the Company's statutory accounts for the periods ended 3 August 2002 or 28 July 2001. Statutory accounts for 2001 have been delivered to the Registrar of Companies and those for 2002 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts. Their reports were unqualified and did not contain statements under sections 237 (2) or (3) of the Companies Act 1985. 10.The annual report will be posted to shareholders on or about 1 November 2002 and will be available on request from the Secretary, DFS Furniture Company plc, Bentley Moor Lane, Adwick-le-Street, Doncaster, South Yorkshire, DN6 7BD. OPERATING AND FINANCIAL REVIEW TURNOVER Turnover for the 53 weeks to 3 August 2002 totalled Â£462.2 million, an increase of 15.0% compared with the previous 52 week period to 28 July 2001. Adjusting to a 52 week basis for both years shows an underlying sales increase of 13.3%. Like-for-like sales growth for the year was 4.7%. Sales increased by 9.9% in the first half, including like-for-like growth of 2.0%, and by 19.6% in the second half (27 weeks), including a like-for-like increase of 7.2%. We entered the second half with a strong order bank and also enjoyed an improved order intake in May and June. As the Chairman notes, the extended Jubilee Bank Holiday weekend provided an additional promotional opportunity. It remains our policy to calculate like-for-like sales on a core of comparable stores, excluding branches whose performance has been distorted by launch promotional activity in the current or prior year. Our average order value was Â£1,476, an increase of 2.6% compared with the previous year. OPERATING PROFIT Operating profit, before the exceptional profit relating to the Primback case, grew by 8.7% to Â£53.1 million, an increase of 8.2% adjusted to a common 52 week basis. Our operating margin before the exceptional profit was 11.5%, compared with 12.2% in the prior year. This principally reflects our strategy of flexing margins to drive volume, some additional wage costs directly related to improving customer service plus increased rental costs, following five-yearly reviews of a significant proportion of our leasehold estate. There was also a Â£1.3m increase in new store pre-opening costs to Â£4.0 million. In line with our long tradition of conservative accounting, we have always charged all rental, staffing, training and marketing costs associated with new store developments to the profit and loss account as they are incurred. INTEREST RECEIVABLE Interest receivable of Â£0.5 million, before the exceptional profit, was Â£0.7 million lower than in the previous year, reflecting lower average free cash balances as a result of the special dividend payment in November 2000 and reduced average money market rates. PROFIT BEFORE TAXATION Profit on ordinary activities before taxation and the exceptional profit was Â£53.6 million, an increase of 7.1% over the previous year or 6.6% adjusted to a 52 week basis. TAXATION The Group's underlying tax rate before the exceptional profit was 33.4%. This compares with 33.1% in the prior year, as restated following our adoption of FRS 19 'Deferred Tax'. The adoption of FRS 19 has resulted in a Â£1.0 million increase in our provision for deferred tax in both the current and prior year balance sheets. It is anticipated that the Group's tax charge will remain slightly above the standard UK corporation tax rate in future, because of the treatment of certain non-allowable costs. EARNINGS PER ORDINARY SHARE Basic earnings per ordinary share before the exceptional profit increased by 5.3% to 34.0 pence. On a fully diluted basis, the increase was also 5.3% to 33.6 pence. These growth rates reflect the issue of 1.1 million new shares during the year under the Group's share option schemes, resulting in an increase in the weighted average number of shares in issue from 103.7 million to 105.2 million (106.1 million on a fully diluted basis). EXCEPTIONAL PROFIT The exceptional profit, relating to the Primback case, of Â£17.4 million before taxation (Â£14.8 million after taxation) was released to the profit and loss account in the first half. This release was based on the opinion of the Company's advisers that, irrespective of the outcome of ongoing appeals to the VAT Tribunal, these amounts were no longer recoverable by H.M. Customs & Excise. The exceptional profit comprised operating profit of Â£8.7 million and interest accrued of a further Â£8.7 million. The whole of the post-tax profit was returned to shareholders through a special dividend. DIVIDENDS The recommended final dividend is 16.0 pence per ordinary share, an increase of 10.3% compared with the 14.5 pence paid in the previous year. Subject to approval at the Annual General Meeting, the final dividend will be paid on 6 December 2002 to those shareholders whose names are on the register on 8 November 2002. Including the interim dividend paid in June, which was increased by 9.8% to 6.7 pence, the total ordinary dividend for the year is 22.7 pence (2001: 20.6 pence), an increase of 10.2%, covered 1.5 times by earnings per share. In addition, shareholders received a special dividend of 14.1 pence per share, declared at the time of the interim report and paid on 10 May 2002, relating to the exceptional profit above. Since our flotation in 1993, DFS has paid a total of Â£204 million to shareholders in ordinary dividends, special dividends and share buybacks. CAPITAL EXPENDITURE Capital expenditure for the year was Â£29.0 million, compared with Â£13.9 million in the previous year. This reflected an investment in the purchase of freehold sites for store development in Tollcross (Glasgow) and Carlisle, the freehold of our Measham store, together with the fitting-out of the Belfast, Taunton, Borehamwood and Stevenage stores opened during the year and the new Hull store opened shortly after the year-end. CASH FLOW The highly cash generative nature of our business means that DFS has always been able to fund its entire expansion programme from its own resources, and to purchase store freeholds as suitable opportunities arise. BALANCE SHEET The Group continues to enjoy a very strong balance sheet, with no borrowings at either this or the prior year end. Total cash balances at 3 August 2002 were Â£43.6 million (2001: Â£97.2 million), comprising free cash of Â£25.4 million (2001: Â£29.8 million) and monies associated with the long-running Primback case of Â£18.2 million (2001: Â£67.4 million). The modest reduction in free cash balances reflects a Â£14.5 million investment in freeholds and long leaseholds during the year. The Primback monies have been reduced by the release of Â£17.4 million to the profit and loss account as an exceptional profit and by the payment of Â£44.4 million to H.M. Customs & Excise on 5 February 2002 in order to protect ongoing appeals. Further monies were accrued during the year pending final resolution of the case. OPPORTUNITIES AND RISKS DFS is the UK's leading specialist retailer of upholstered furniture, selling over 27,000 individual pieces of furniture each week, some 15% of which are manufactured in our own three British factories. We have developed our unique, integrated retail and manufacturing formula over 33 years in business, during which we have attained market leadership by maintaining a strong specialist focus and constantly investing in our stores, systems, products, factories and people. We have made substantial gains in market share, from around 5% at the time of our flotation in 1993 to over 15% today. DFS achieves local market share in established stores of well over 25%, supporting research which clearly indicates a capacity for over 100 DFS upholstery stores within the UK alone. The finance for all the Group's credit sales is provided through external financing companies, without recourse to DFS. DFS makes all its sales within the UK, and many of our overseas suppliers invoice us in sterling. Although some business is transacted in dollars, the Group's risk is managed by forward buying to cover all outstanding contracts. Exchange rate risk has therefore never been a material issue for the Group. DFS does not undertake speculative financial transactions and continues to pursue prudent treasury policies, investing its surplus funds only with top-rated financial institutions. Insurable risks are centrally monitored and controlled, and are covered with leading UK and international insurance companies. All other aspects of risk management are kept under continuous review. This information is provided by RNS The company news service from the London Stock Exchange

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