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DFS Furniture Group Is the Largest Sofa Retailing Specialist in the UK

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DFS Furniture Group Is the Largest Sofa Retailing Specialist in the UK DFS Furniture plc Annual Report & Accounts 2020 DFS Furniture Group is the largest sofa retailing specialist in the UK Investing in our Purpose... 1 Our purpose Strategic report Strategic Corporate governance Corporate Financial statements Financial Our Group purpose is to bring great design and comfort into every living room, in an affordable, responsible and sustainable manner. DFS Furniture plc Annual Report & Accounts 2020 2 Our purpose continued 2 3 1 Our customers and our people are at the heart of everything we do, reflected in our three core values 1. Think Customer We treat them as we would our own family and keep them at the forefront of our minds because they are the heart of our Group. 2. Be Real We bring our whole selves to work and are confident to speak up. We accept each other for who we are and respect each other as part of our family. 3. Aim High We play to win for the same team, focused on our shared family ambition. We are bold, brave and welcome challenge as a chance to innovate. For over 50 years, we have provided millions of sofas into homes across the UK, the Republic of Ireland, Spain and the Netherlands. DFS Furniture plc Annual Report & Accounts 2020 3 Strategic report Strategic Corporate governance Corporate Financial statements Financial DFS Furniture plc Annual Report & Accounts 2020 4 Highlights We continue to make progress on our strategic agenda focused on driving the DFS core business, further developing our Group platforms and setting Sofology up for future growth. Financial highlights The Group has implemented IFRS 16 for the first Group revenue Chart has been set up so total numbers %12 %12 %12 time in FY20. To aid comparison with prior years, FY20 £724.5m will update automatically when data is added, unaudited financial measures excluding the impact ‘£’ and ‘m’ characters however will have to be of IFRS 16 are presented alongside reported results. FY20 pre-IFRS 16 £724.5m added manually as these are not supported in the data input dialogue FY19 (52 weeks pro-forma) £996.2m In the previous year, the Group changed its accounting reference date from 31 July to 30 June. FY19 (48 weeks) £901.0m FY19 was therefore a short accounting period of Chart has been set up so total numbers 48 weeks. In order to provide full year comparative Underlying EBITDA1 %12 %12 %12 figures, unaudited pro-forma figures are presented will update automatically when data is added, for the 52 weeks ended 30 June 2019, in addition to FY20 £61.9m ‘£’ and ‘m’ characters however will have to be the audited statutory period of 48 weeks ended added manually as these are not supported FY20 pre-IFRS 16 £(13.8)m 30 June 2019. in the data input dialogue FY19 (52 weeks pro-forma) £90.2m Definitions and reconciliations of these alternative performance measures can be found on page 158. FY19 (48 weeks) £65.1m Underlying (loss)/profit before tax excluding amortisation of brand names1 %12 %12 %12 £(63.1)m FY20 £(56.8)m pre-IFRS 16 FY20 FY19 (52 weeks pro-forma) £50.2m FY19 £28.2m (48 weeks) (Loss)/profit before tax %12 %12 %12 £(81.2)m FY20 £(74.9)m pre-IFRS 16 FY20 (52 weeks FY19 £43.6m pro-forma) FY19 £22.4m (48 weeks) Underlying earnings per share1 %12 %12 %12 (24.3)p FY20 (22.9)p pre-IFRS 16 FY20 FY19 (52 weeks pro-forma) 18.4p FY19 10.3p (48 weeks) Earnings per share %12 %12 %12 £(31.4)m FY20 £(28.5)m pre-IFRS 16 FY20 (52 weeks FY19 £16.5m pro-forma) 1. Refer to pages 158 to 160 for further information on alternative FY19 performance measures. £8.6m (48 weeks) DFS Furniture plc Annual Report & Accounts 2020 5 Strategic report Strategic Operational and strategic highlights What’s in our report Comprehensive response to Covid-19, protecting Strategic report governance Corporate colleagues, customers and the long-term value of the business. 1-63 Further progress with our strategy to lead sofa retailing Our purpose 1 Highlights 4 in the digital age: What makes us unique 6 Our brands 8 Drive the DFS core Chair’s statement 10 Financial statements Financial • Investment in digital and showrooms to drive DFS Chief Executive’s report 12 omnichannel journey Working together 16 • Online order intake during lockdown and showroom Market overview 18 performance since reopening highlight resilience of Our customer journey 20 digital infrastructure and customer demand for Business model 22 both channels Strategy 24 Strategy in action 26 Build the platforms Risks and uncertainties 32 • Development of a group-wide, best-in-class platform Key performance indicators 40 underway with the rollout of the Sofa Delivery Co. Financial review 42 and Stockwise Sustainability and responsibility report 48 Section 172 statement 60 Unlock new growth Corporate governance • Store roll-out accelerates at Sofology; strategic restructuring of small brands to improve returns 64-119 Board of Directors 64 Further development of our ESG strategy, which is Corporate governance report 66 embedded in the business. Audit Committee report 76 Nomination Committee report 82 Strong trading online during lockdown, which has Directors’ remuneration report 84 continued into the new financial year both in showrooms Directors’ report 106 and online. Statement of Directors’ responsibilities in respect of the annual report and the financial statements 110 Independent auditor’s report 111 Financial statements 120-161 Consolidated income statement 120 Post Purchase NPS2 Consolidated statement of comprehensive income 121 Consolidated balance sheet 122 Consolidated statement of changes in equity 123 85.7% Chart has been set up so total numbers %12 Consolidated%12 cash%12 flow statement 124 F20 85.7% Notes to the consolidated financialwill statements update automatically125 when data is added, Company balance sheet and m characters however152 will have to be F19 84.2% Company statement of(52 changes weeks pro-forma) in equity 153 Notes to the Company financial statementsadded manually as these154 are not supported Financial history in the data input dialogue157 Established Customer NPS2 Alternative performance measures 158 Shareholder information 161 42.9% Chart has been set up so total numbers %12 %12 %12 F20 42.9% will update automatically when data is added, and m characters however will have to be F19 33.0% (52 weeks pro-forma) added manually as these are not supported 2. Net Promoter Scores are for the DFS brand. in the data input dialogue DFS Furniture plc Annual Report & Accounts 2020 6 What makes us unique Our strategy is to be the leading sofa retailer in the digital age, meeting customer expectations, stakeholder demands and delivering growth whilst integrating sustainability into the way we do business. Vertical integration Portfolio of Well invested omnichannel complementary brands platform with unrivalled scale We design, retail, manufacture, deliver We operate three We invest in our and carry out after- separate brands: business for the sales servicing. DFS, Sofology and long term. With a 34% market share across the Group, We have a network of showrooms across the Dwell. we are over three times the size of our UK, Ireland and parts of Europe and market- Our brands are complementary – they nearest direct competitor. leading websites so we can offer customers appeal to different customer segments and a seamless omnichannel experience. allow us to target the majority of the market We continue to invest in technology to and deliver organic market share growth. improve our websites and enhance our We manufacture around a quarter of all range of online services, including Group sofas in the UK across our own five Each brand curates their own ranges, augmented reality visualisation tools and live factories and wood mills. We operate our supported by specialist in-house “in-store” communications. own distribution network, with more than design teams. 20 distribution centres, around 370 delivery vehicles and 600 delivery colleagues who All our brands have a national network of carefully install our products into customers’ Creative direction is managed by each brand well-invested showrooms with highly homes. team who operate independently from their motivated and well-trained sales colleagues. own head offices. With the launch of The Sofa Delivery Co., we’re developing a fully integrated Group- Our team of 235 service managers address wide supply chain platform and delivering any after-sales issues and deliver high levels a range of efficiencies. of customer satisfaction. UK factories UK showrooms nationwide Group market share 5 196 34% DFS Furniture plc Annual Report & Accounts 2020 7 The way our people responded to this crisis was report Strategic nothing short of exemplary, and I cannot thank them enough for their spirit, engagement and hard work.” governance Corporate Tim Stacey, CEO Financial statements Financial DFS GROUP ESG STRATEGY 2020 sustainability UPDATE SEPTEMBER 2020 Page 1 DFS Group ESG - Sustainability 2020 Our people Partnered with waste recycling experts Clearabee We would not be the market leader Our new Environmental, without our 5,000+ Social and Governance talented and (ESG) strategy launches in enthusiastic the current year. Building on current initiatives such as our Sofa Rescue colleagues. partnership with Clearabee and PlanTree reforestation initiative, our new strategy incorporates specific We continue to be rated one of the best multi-year targets for our brands across key areas of companies to work for in the UK with the business including sourcing, packaging, recycling, consistently high levels of employee energy efficiency, gender diversity and flexible working. engagement. Our award-winning apprenticeship schemes support individuals to become highly skilled in specialist occupations and develop long-term careers with the Group. Group colleagues Furniture pieces diverted from landfill 5,372 >33,000 DFS Furniture plc Annual Report & Accounts 2020 8 Our brands We are the leading sofa retailing group in the UK – we operate across three brands, each appealing to different customer segments.
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