Dunelm profits soar as Britons get baking
Homewares retailer Dunelm has received a boost from a baking renaissance in the UK but its recent trading had been muted by the snow.
Chief executive Nick Wharton said the BBC’s hit series The Great British Bake Off had led to a surge in sales of mixing bowls, cake tins and associated cooking utensils.
He said: “Baking is becoming ingrained in the British psyche again. There is evidence to suggest [the BBC programme] is bringing baking back to the UK.”
He made his comments as Dunelm — one of retail’s best performing stocks since it floated in 2006 for a price of 170p per share — delivered profits up by 14.6% to £59.8 million over the half year to December 29.
This was driven by an uplift in margins and a 2.2% rise in like-for-like sales.
Wharton said its trading this year had been disrupted by the snow but said: “You have to take the rough with the smooth.”
Founded in 1979 from a market stall in Leicester, the retailer has 124 stores but has long-term ambitions to get to 200. Shares in Dunelm fell by 6.5p, or 1%, to 785p today but are up strongly this year so far.
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