Dunelm Group (DNLM) Q4 2025 TU earnings summary

Executive summary

• Q4 sales rose 4.0% year-over-year to £415m, with full-year sales up 3.8% to £1,771m.

• Digital sales accounted for 42% in Q4 and 40% for the year, both increasing year-over-year.

• Full-year gross margin expected to be up 60bps, with PBT in line with consensus (£210m).

• Four new superstores opened in Q4, including one relocation; Designers Guild brand acquired.

• Clo Moriarty appointed as CEO effective 1 October 2025.

Financial highlights

• Q4 sales: £415m (+4.0% YoY); full-year sales: £1,771m (+3.8% YoY).

• Digital sales: 42% of Q4 total (+2ppts YoY), 40% of full-year total (+3ppts YoY).

• Gross margin expected to rise 60bps YoY, ahead of guidance.

• PBT margin broadly stable year-over-year despite inflationary pressures.

Outlook and guidance

• FY25 PBT expected in line with consensus (£210m, range £207m–£215m).

• Continued investment in business and strategy to drive further market share gains.

• Confidence in unlocking full potential as the Home of Homes despite muted consumer confidence.