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Dunelm - Future growth driven by new space

August 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • DNLM
  • Price:
  • 380p
Dunelm's Q4 trading update saw a better-than forecast gross margin and electrified the shares. Full year sales went up by 18.2% to £493m driven by a combination of 8% like-for-like sales growth and 10.2% from the addition of new space. A total of 10 stores were opened in the year to take the total to 94. Having returned £43m to shareholders last year by way of a special dividend, year end cash was £10.6m. During the year Dunelm also undertook nine major refits (£6.3m), bought a plot of land where it will open a new HQ (£2m) and also bought a freehold (£2m) taking it to 17 freeholds.Like-for-like sales were down 1% in the final 10 weeks of the year but this comes against strong comparatives last year. Gross margin has ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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