April 12, 2017 / 6:44 AM / 5 months ago

BRIEF-Dunelm says Q3 LFL trading down 2.2 pct

April 12 (Reuters) - Dunelm Group Plc:

* Q3 trading update

* Total revenue for q3 rose by 11.4 pct to 255.1 mln stg

* Q3 total revenue, excluding Worldstores, rose by 1.0 pct to 231.3 mln stg

* Q3 total like-for-like (LFL) growth (combining LFL stores and home delivery) declined by 2.2 pct.

* Expect approximately 1.5 pct of LFL sales to move from third to Q4

* Broadly nets off with 1.7 pct of LFL sales that moved from Q2 to Q3 as a result of timing of our winter sale compared to last year.

* Continue to see strong growth in online business, including a 21.0 pct increase in home delivery sales for quarter

* Dunelm’s gross margin percentage (excluding Worldstores) for quarter increased by approximately 75bps

* Reflects a short-term benefit, and we expect half of this benefit to continue into Q4

* Integration of Qorldstores is going well

* Run rate of gross margin going into next financial year is expected to be broadly flat compared to same time last year.

* We continue to expect that business will be at least break-even in Dunelm’s financial year ending June 30 2018.

* As at April 1 2017, net debt was approximately 117 mln stg.

* We opened two new stores in period leaving our Superstore footprint at 159 stores, a total increase of seven openings so far this year

* We have completed six store refits within year to date and have at least five planned for remainder of financial year.

* As a result, our expectations for full year remain unchanged.

* With easter being later this year, we expect approximately 1.5 pct of LFL sales to move from third to Q4

* This broadly nets off with 1.7 pct of LFL sales that moved from Q2 to Q3 as a result of timing of our winter sale compared to last year. Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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