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Dunelm - Ahead of expectations

December 2009

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.

Dunelm went over 400p after saying full year results will be “comfortably ahead of previous expectations.” Q1 like-for-like sales have continued to run far ahead of expectations, barely slowing from the 16.1% 10 week like-for-like sales growth to 15% after 17 weeks. Total sales including new stores for the period to 31 October are up 26% to £154m. But even better the gross margin has widened and the year-on-year gross margin was 200 basis points ahead (compared to the 10 week run rate of 180 basis points) helped by greater stock clearance items. With little capital expenditure, the cash pile has ballooned to £31.5m. Numis has lifted its forecast for the year to 30 June from £60m pretax to £68m ( ...

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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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Dunelm - Ahead of expectations

December 2009

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