DFS CFO stepping down as firm post sales growth

Revenues up at DFS as group takes sofa sales into digital age
Courtesy of DFS

Nicola Bancroft is retiring from full-time executive roles in a move that sees her step down as CFO of DFS after sit years with the company.

Chief Development Office Mike Schmidt will take over as interim CFO from April as the Board conducts a succession process.

Mr Schmidt has worked with Nicola in a senior finance and investor relations role for five years and will complete a smooth handover of responsibilities through to the end of the financial year.

Group CEO Tim Stacey said: “Nicola has been instrumental in our continued growth as the largest sofa retailer in the UK and Ireland.

“Without her support and contribution, we wouldn’t be the strong and successful business that we are today.”

Ms Bancroft added: “I feel very privileged to have been part of the DFS growth journey over the last six years and to have worked with so many special people.

“I am extremely proud of what we have achieved as a team. The Group is in a very strong position and I am confident it will thrive in the years ahead.”

This comes as the Doncaster-headquartered company post a positive trading update. Despite the challenging consumer environment, the company posted underlying gross sales growth of 10%.

It also reported like for like growth across all brands and a strong 22% growth in online sales growth.

Though the company said it is “mindful of the risk of the near-term political and economic uncertainty” it’s full-year profit expectations remain unchanged.