U.K. Sofa Chain Prompts Selloff, Warning of Retail Weakness
- DFS Furniture cites economic uncertainty linked to election
- Shares of Marks & Spencer, Next fall in U.K. retail rout
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DFS Furniture Plc said U.K. sofa sales were falling amid the political upheaval that followed the Brexit vote and warned of “market-wide” consumer weakness, hitting shares of many of the country’s biggest retailers.
The furniture company’s stock fell 21 percent at the close of trading in London after DFS said the number of shoppers in its stores has fallen significantly. It lowered its earnings outlook and warned of deteriorating market conditions, the same day that government figures showed a plunge in retail sales.