Updates

Dunelm

October 2013

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 announced a third special dividend in as many years - with a £50.7m or 25p a share dividend accompanying the full year results. The regular dividend was also increased 15% to 16p and Dunelm can easily afford such largesse for shareholders given its free cash flow was over £100m in the year. As it was, 2013 results showed pretax profit up 12% to £108m for eps up 14% to 40p. Dunelm grew its store estate (14 added, now 126) and plans on building brand awareness with a £3m TV campaign. Sales were up 12% also to £677m, a like-for-like improvement of 1.1%. The gross margin was ahead by 40 basis points to 48.7% driven by more direct sourcing initiatives.Lock in a part profit.&nb ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Dunelm

October 2013

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