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Shares plunge in UK homewares retailer Dunelm after profit warning

Reuters - UK Focus

May 25 (Reuters) - British furniture and kitchen equipment retailer Dunelm Group (LSE: DNLM.L - news) said on Friday annual profit would be "moderately" below last year's following a contraction in its comparable store sales for the latest quarter.

The bedding and kitchen equipment retailer said weaker footfall had dragged comparable-store sales in its fourth quarter down 4.7 percent so far.

A 43.7 percent rise in online sales propped up the group's overall sales but they were still up just 0.1 percent in the fourth quarter to date, Dunelm said in a surprise trading update.

Shares (Berlin: DI6.BE - news) in the company sank 10 percent in response.

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The warning from Dunelm adds to gloom in the UK home furnishings and improvement market as Britons cut back on non-essential spending amid rising inflation.

On Thursday, Kingfisher (Frankfurt: 812861 - news) , which trades as B&Q and Screwfix in Britain, said its quarterly sales were hit by winter snow storms and weak UK consumer demand. (Reporting by Rahul B in Bengaluru; editing by Patrick Graham)