Updates

Dunelm

June 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.

Dunelm has issued another strong trading update for the 42 weeks to 24 April. This said that H2 to date (16 weeks) has seen like-for-like sales growth of 1.6%, which has slowed from the 15.4% (reported in H1). That was always to be expected given the rise in VAT and the significantly harder comparatives in H209 when consumer confidence had picked up.Helped by 10 new stores, total sales are up 20%. Once again, the gross margins achieved are proving better than last year with the year-on-year gross margin for the period being 80 basis points ahead (compared to the 42 week run rate of 180 basis points), helped by greater stock clearance items. Brokers had been forecasting flat like-for-like sales in H2, so this is a plea ...

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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

June 2010

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