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Furniture retailer DFS Furniture scrapped its dividend after swinging to an annual loss as it lockdowns forced it to shutter its stores.
For the 52 weeks ended 28 June 2020, pre-tax losses were £74.9m compared with a profit of £22.4 million year-on-year as revenue slipped to £724 million from £901 million.
The fall in reevnue was driven by the pause in trading during the Covid-19 lockdown, the company said.
DFS said it would not propose a final dividend proposed, citing macroeconomic uncertainty.
Looking ahead, the company said the current year had started 'very strongly ... with year-on-year order intake growth over the last twelve weeks.'
Baring no further lockdown impacts, the cmpany said it looked forward to reporting a 'strong first half sales and profit performance, although the full year outcome will be dependent on the effects of the pandemic and Brexit on consumer confidence, the housing market and levels of employment.'
At 8:34am: (LON:DFS) DFS Furniture Plc share price was +7p at 175p