Dunelm Group (DNLM) Q2 2026 TU earnings summary

Executive summary

• First half sales rose 3.6% year-over-year to £926m, with Q2 sales up 1.6% to £498m.

• Digital sales accounted for 41% of H1 total, up 2 percentage points year-over-year.

• Gross margin improved by 60bps in H1, mainly due to FX tailwinds.

• H1 profit before tax (PBT) expected at £112m–£114m; full-year PBT now forecast at the lower end of consensus (£214m–£227m).

Financial highlights

• Q1 sales growth was strong, but Q2 was softer due to increased competition and challenging macroeconomic conditions.

• Core categories like bedding, towels, and lighting drove growth; furniture sales were softer due to availability issues.

• Winter Sale post-quarter saw improved customer response and higher growth than Q2.

Outlook and guidance

• Full-year PBT expected at the lower end of consensus expectations, reflecting a more challenging Q2.

• Profit guidance remains weighted towards the second half of the year.