Dunelm Group

DNLM · Main Market · Retail · mcap £1,790m · 856.5p 2 open situations →

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2026 Furniture availability recovery Winning Hearts & Homes plan 3 directors buying

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Furniture availability recovery

FY27 guidance held; H1 PBT to be lower

Guidance went from 'in line' in October 2025 to the lower end of consensus in April 2026, then in line with £210m consensus in July. FY26 PBT of £211.0m was flat. On 15 Oct 2026 the company kept FY27 adjusted PBT broadly in line with FY26 after the soft, hot-weather start, but now expects H1 PBT below last year, with benefits weighted to H2.

FY26 PBT: £211.0m, flat on FY25
Early FY27: significantly softer first six weeks due to hot weather; better after cooler weather
Next milestone: Q2 trading update on 14 January 2027 15 Oct 2026 ↗
FY27 guidance: Adjusted PBT unchanged, broadly in line with FY26 (15 Oct 2026) 15 Oct 2026 ↗
H1 FY27 PBT: Expected lower than prior year; benefits weighted to second half 15 Oct 2026 ↗
Q1 sales: £433m, +1.1%; c.-3% first six weeks, c.+4% final seven weeks 15 Oct 2026 ↗

Next: Q2 trading update · 14 Jan 2027

15 Oct 2026 FY27 guidance held; H1 PBT to be lower
8 Sep 2026 FY26 PBT landed at £211.0m; FY27 start soft
16 Jul 2026 Guidance stabilised in line with £210m consensus
16 Apr 2026 Lowered to lower end of consensus

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Turnaround plan with targets◷ in 82 days

Winning Hearts & Homes plan

Early implementation; cost removal begun

New CEO Clo Moriarty launched the three-year self-funded plan on 8 Sep 2026, with targets of mid-to-high single digit sales growth, c.11% adjusted PBT margin and c.30% ROCE, funded by c.£100m of cost removal. On 15 Oct 2026 the company reported it had begun implementing organisational design and cost removal, with range trials live and RFID in a small number of stores.

Cost savings: c.£100m of unproductive costs removed from FY26 base by FY29, fully reinvested
One-off costs: £30m - £40m over the next two years, reported as adjusting items
Extra capex: c.£125m above recent run-rate over three years
Leverage range: Net debt:EBITDA of 0.2x - 0.6x
Cost removal: Implementation begun; c.£100m target by FY29 15 Oct 2026 ↗
Range trials: Plain-dye bedding and Egyptian Cotton towels trials live 15 Oct 2026 ↗

Next: Q2 trading update · 14 Jan 2027

15 Oct 2026 Early implementation; cost removal begun
8 Sep 2026 Plan detailed at investor strategy update
8 Sep 2026 Three-year plan launched with new CEO

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Closed · 1

Insider conviction3 directors buying £398k in 6 buys · 25 Nov 2025 – 10 Aug 2026 −24%

Company filings. Not investment advice.