Furniture retailer DFS has seen revenue slump by 2.2 per cent to £544.5 million in the first half of 2022 compared to the same period in 2023.

Profits before tax also fell in the six-month period ending 25 December 2022 to £6.8 million compared with £22.8 million the previous year.

The company blamed the decline in profits on “a weak trading environment” and large cost increases which it was “unwilling to pass on to the customer”.

DFS added that it had seen a “record” growth in market share, up by two per cent, adding that it had seen online sales of mattresses increase by 70 per cent in 2022 compared with the previous year.

Commenting on the news Tim Stacey, DFS group chief executive, said: “I’m pleased to report that the group has extended its long track record of achieving market share gains in a challenging market to what are now record levels. We expect our profit for the year to be between £30 million to £35 million in line with external expectations.”

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