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Profits rocket and ceo changes at Dunelm

Published: 16 September 2010
Dunelm Mill announces new chief executive, 18.2% increase in sales and a 46% jump in operating profit for the full year ended July 3 2010.
Profits rocket and ceo changes at Dunelm
The specialist homewares retailer announced today that its chief executive Will Adderley, who has been inn position for almost 15 years, will step down in February next year to take up a new role as executive deputy chairman.

Current Halfords financial director Nick Wharton, who has been a non-exec director of Dunelm since 2009, will succeed him in the chief exec role.

The news comes on the same day that Dunelm has proved its recession resistance with a strong set of trading figures for the latest full financial year. Sales increased 18.2% to £492.8m, representing a like-for-like increase of 8% as the group opened 10 stores in the period contributing a space growth of 14%.

Even more impressive is the 46% increase in operating profit to £75.5m. Plans for the new financial year include continued expansion as the group has identified the potential for up to 150-200 stores. Two new stores have opened since the year-end in July and the group has contractually committed to a further eight.

Commenting on the results current chief exec Will Adderley said: "these excellent results confirm the strength of Dunelm's business model and I am delighted to see the efforts of everyone within the Dunelm team bear fruit in this way." He added that trading in the new financial year already appeared positive: "Whilst we are clearly in challenging economic conditions, and we expect to see continuing pressure on consumer spending, performance in the early weeks of our new financial year has been pleasing."

Chairman Geoff Cooper was also bullish about the coming year, saying: "We are very confident that Dunelm will continue to grow its share and become an even more significant player over the coming period."

Commenting on the board changes Mr Adderley said: I am delighted that we have been able to attract somebody with Nick's talent and energy to become our next chief executive...I have been privileged to run Dunelm over the last 15 years and I feel invigorated by my forthcoming new role which will allow me to spend much more time on the areas where I believe that I can add the most value."

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