DFS is hit by Red Sea shipping delays and higher interest rates

Furniture retailer DFS has tumbled to a loss for the past year after it was hit by Red Sea shipping delays and higher interest rates.

Transcript

00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

00:06Here are your business headlines for this morning.

00:09The furniture retailer DFS has tumbled to a loss for the past year

00:14after it was hit by Red Sea shipping delays and higher interest rates.

00:19The sofa specialist said sales were significantly down year-on-year

00:24due to exceptionally low market demand.

00:27It told shareholders that revenues dropped by 9.3% to £987.1m

00:34for the year to June 30th, compared with the previous year.

00:39As a result, the group slid to a £1.7m pre-tax loss for the year

00:45compared with a £29.7m pre-tax profit in the previous year.

00:52Tim Stacey, the Chief Executive, said it was clear the upholstery market

00:57has a long road to recovery.

01:00My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.