Dunelm opened three new stores in FY23. Credit: J K THORNE/ Flickr (Creative Commons).

UK-based home furnishing retailer Dunelm has reported total sales of £1.64bn ($2.02bn) in fiscal year (FY) 2023, up 5.5% compared to £1.55bn in FY22.

Digital sales accounted for 36% of total sales in FY23, compared with 35% of sales in FY22.

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For the 52 weeks to 1 July 2023, Dunelm’s diluted earnings per share were 75.0p, down by 8.6% from 82.1p in the prior FY.

The retailer reported profit before tax (PBT) of £192.7m in FY23, down by 7.8% from £209.0m in FY22.

Its operating profit was £199m over the year, which was £15m lower than FY22’s figure of £214m.

The company’s gross margin was 50.1% in FY23, down by 110 basis points (bps) from 51.2% a year ago.

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Dunelm chief executive officer Nick Wilkinson said: “In a period of extensive economic uncertainty, we have maintained our focus on enhancing our customer proposition, expanding our offer whilst staying fully committed to value and making every pound count. This has clearly resonated well with our customers, enabling us to continue growing both sales and market share.

“As we manage the ongoing challenges, it is crucial that we do not lose sight of our longer-term ambitions. We are committed to raising the bar on value and joy for our customers and continuing to invest where we see good returns, so that we can seize the various opportunities ahead.”

For FY24, the retailer expects higher PBT than FY23 and the effective tax rate to be slightly above the headline rate of 25% from FY24.

It also anticipates operating cost and sales ratio to increase to 39% in FY24.

Dunelm opened three new stores in FY23 and expects to open five to ten, including relocations in each of the coming two years.