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Dunelm Group Plc Plc Group Dunelm Report Annual Accounts And Dunelm Group plc Dunelm Group Annual Report and Accounts for the period ended 29 June 2019 Accounts for the period ended 29 and Annual Report Dunelm Group plc Annual Report and Accounts for the period ended 29 June 2019 Stock code: DNLM At Dunelm, we love homes and are just as obsessed by the products that go in them. We’re the UK’s No. 1 homewares retailer offering our customers a wide range of products to enhance every room in their home. We focus on style, quality and value and are always working hard to make our We’re a multichannel retailer with 170 superstores, two high customers’ lives a little easier. street stores and our website, dunelm.com, featuring extended ranges and delivery convenience (home delivery and reserve & collect) via multi-device functionality and our own delivery fleet. We are really proud of our business culture and we like to do Our purpose is to help everyone things our own way. We’re committed to our suppliers and create a home they love. making Dunelm a great place to work for our colleagues. Investment proposition 01 Well positioned for growth 03 Operating model Our growth record has been strong with 40 consecutive years Our low cost operating model provides a solid platform for of increased sales and we’re always looking out for ways to continued growth. We’ve invested intelligently over the years sell more to our customers. We have a significant opportunity and remain agile enough to respond quickly to changes in to continue to grow in the UK as we become the customer’s the marketplace. number one choice for homewares and furniture. • We’re not held back by an overpriced or oversized retail • Market leader in the UK homewares market with 8.7% estate. In fact, we know we can still open more stores in key share*. Opportunity to consolidate leadership position in a locations across the UK fragmented sector • Our focus on cost and reducing waste ensures that we run • Opportunity to accelerate the growth of our online business a lean business and allows us to reinvest for growth and with an expanded range, and improved delivery options, maintain great pricing for our customers attracting new customers and evolving our model for • We’ve grown up with many of our suppliers. Their skills the future and experience complement our own. We are committed • Significant growth potential in furniture where our share is to maintaining great relationships and working with our around 1% of the market suppliers to create a more efficient supply chain * GlobalData Retail research (September 2019). 04 Long term value creation 02 Customer offer We make decisions for the long term. We always want to do the We are always looking for ways to enhance our customer offer. right thing for our business and stakeholders. We want to be famous for style, as well as quality and value. • As a highly cash generative business with a conservative We’re always looking and listening to ensure we make our capital structure, we have the ability to reinvest and/or customer experience as inspiring and easy as possible. distribute our free cash flow each year • We’re well known for offering great value and quality across • As a large employer and a responsible business, we care our broad product ranges. We will introduce more fashion about our communities and environment too. We have and style-led ranges, and leverage our own brands to drive increased our charitable contributions, reduced emissions consideration and conversion across our categories and improved our waste management • Investments in our multichannel capability means customers • Our progressive distribution policy has increased dividend can increasingly shop how and whenever they choose with per share each year since floating on the London Stock next day/day of choice home delivery or same day collection Exchange in 2006 in store • Our great colleagues really make Dunelm different. We’re proud to offer friendly and knowledgeable service to our customers Read more online at: https://corporate.dunelm.com IFC corporate.dunelm.com Stock code: DNLM Business Overview Highlights Revenue £m Profit before tax* £m Dividend per share pence +4.8% +23.4% +5.7% (2018: +9.9%) (2018: -6.7%) (2018: +1.9%) * Profit before tax is presented before exceptional costs. 1,100.4 128.9 125.9 28.0 1,050.1 122.6 26.0 26.5 955.6 109.3 25.1 880.9 102.0 822.7 21.5 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Operational highlights Financial highlights • Focus on core Dunelm, with improved customer proposition • Total like-for-like (LFL‡) sales increased by 10.7% with strong offering more choice, style and value growth both in stores (7.7%) and online (35.1%) • Continuing growth in brand awareness and consideration • Profit before tax of £125.9m up 23.4% (vs FY18 underlying helped drive an 8.5% increase in unique active customers* profit before tax), reflecting higher sales, improved gross • Ongoing development of digital capabilities with further margins (+160bps) and better operational grip plans in progress to enhance the multichannel customer • Excellent cash flow generation: Free cash flow of £154.4m experience (+£101.5m compared to FY18) and a significant reduction in • Increased homewares market share† by 0.6ppts net debt to £25.3m (FY18: £124.0m) • Final dividend of 20.5p brings the full year ordinary dividend * Unique active customer numbers reflects internal analysis based on Barclays data. to 28.0p, growth of 5.7% † GlobalData Retail research (September 2019). • Special dividend of 32.0p, bringing total shareholder dividend for the year to 60.0p ‡ LFL stores are defined as those trading for at least one full financial year prior to 1 July 2018 without any significant change of space. LFL stores revenues include reserve & collect sales, and home delivery sales in respect of orders placed via in-store tablets. Contents Business Overview Letter from the Chair of the Notes to the Consolidated Financial Audit and Risk Committee 63 Statements 121 Welcome IFC Audit and Risk Committee Report 64 Parent Company Statement of Highlights 1 Letter from the Chair of the Financial Position 137 At a Glance 2 Remuneration Committee 68 Parent Company Statement of Cash Flows 137 Chairman’s Statement 4 Remuneration Report 70 Parent Company Statement of Changes Letter from the Chair of the in Equity 138 Strategic Report Nominations Committee 93 Parent Company Accounting Policies 139 Our Marketplace 8 Nominations Committee Report 94 Notes to the Parent Company Our Business Model 10 Directors’ Report 97 Financial Statements 141 Our Purpose & Strategy 12 Statement of Directors’ Responsibilities 101 Key Performance Indicators 14 Company Information Business Review 15 Financial Statements Advisers and Contacts 145 Financial Review 20 Independent Auditors’ Report 104 Shareholder Notes 146 Risks and Risk Management 24 Consolidated Income Statement 110 Store Listing IBC Principal Risks and Uncertainties 26 Consolidated Statement of Sustainability 33 Comprehensive Income 110 Consolidated Statement of Governance Financial Position 111 Consolidated Statement of Cash Flows 112 Directors and Officers 48 Consolidated Statement of Changes Chairman’s Letter 52 in Equity 113 Corporate Governance Report 53 Accounting Policies 114 Dunelm Group plc Annual Report and Accounts for the period ended 29 June 2019 1 At a Glance Sustainable long term value creation About us We’re the UK’s No. 1 homewares retailer offering our customers great products to enhance every room in their home. We focus on style, quality and value and are always working hard to help our customers to create a home they love. • 30,000 products in store • Made to Measure curtains and blinds service including home fitting • 55,000 products available online • Home delivery and reserve & collect service • Full product range available to order in store • Over four and a half million customers visit our stores and website each week Read more in our business model on pages 10 and 11 Where we operate We’re a UK multichannel retailer with national coverage through our dunelm.com website and store network. • dunelm.com offering a range of delivery options • 170 superstores and two high street stores • Support centres in Leicester and London • Two distribution centres in Stoke-on-Trent • Contact centre in Radcliffe, Manchester • Made to Measure manufacturing centre in Leicester • Five Dunelm Home Delivery Network sites (Stoke, Barnsley, Northampton, Bristol and Dartford) Key Superstores as at 30 June 2018 New superstores opened since 1 July 2018 SSC Leicester and London support centres Manufacturing Stoke I & Ii distribution centres Dunelm Home Delivery Network sites SSC SSC Read about our marketplace on pages 8 and 9 2 corporate.dunelm.com Stock code: DNLM SSC SSC SSC SSC Business Overview Our brands Our customer promises We have three customer promises that define our offer: • Great choice and value • Easy and inspiring to shop • Convenient to buy and return Read about our customer promises on pages 12 and 13 Our business principles We have a unique culture stemming from our entrepreneurial beginnings and a set of business principles we live by. Be Do things Keep it Sell more committed our own simple way Read about our business principles on page 10 Our people Our focus on How our revenue is spent We aim to make Dunelm a great sustainability place to work for our colleagues. We are pleased to highlight the following To deliver long term, sustainable achievements: growth and strong financial performance, we have to deliver • 14% increase in
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