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Dunelm Says Full-Year Profit to Rise as Low Prices Boost Sales

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July 7 (Bloomberg) -- Dunelm Group Plc, a U.K. operator of budget home-furnishing stores, says it expects full-year profit to match forecasts, helped by sales growth of 9.3 percent to in the 13 weeks through July 2.

The company said sales were 262.9 million pounds ($420 million) in the period, as like-for-like sales rose 1.9 percent; same-store sales for the fiscal year ending July 2 fell 0.6 percent. Low store prices in the quarter attracted customers even though taxes increased and commodity prices rose, the Leicester, England-based company said in a statement on Regulatory News Service.

Nick Bubb, a retail analyst at Arden Partners Plc, said the rise in same-store sales showed Dunelm was increasing market share in a tough environment.

Capital investment approached 40 million pounds as Dunelm refitted 24 of its stores, while it intends building 13 superstores, according to the statement.

“In what has been a particularly challenging year, we are encouraged both by the trading performance and by the strategic development of the business,” Chief Executive Officer Nick Wharton said in the statement.

To contact the reporter on this story: Ed Ballard in London at eballard2@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net