Dunelm's CEO, Nick Wilkinson, has announced his decision to step down after seven years at the helm, during which he led the company through strategic changes, digitalisation, and the pandemic. Wilkinson will remain with the FTSE-listed firm until a successor is appointed.
Dunelm has seen consistent sales growth over recent years, thanks to its personalised, relatively low-cost homewares that have proven popular with consumers, as reported by .
Alison Brittain, Chair of Dunelm, praised Wilkinson as a "tremendous leader for Dunelm", adding that he had successfully guided the group through the global pandemic, driven a significant shift in the digital offer, established strategic capabilities across the business including in tech and data, and maintained the unique, entrepreneurial culture which makes Dunelm so special.
She added: "Nick will continue to lead the business over the coming months as we transition to a new CEO, maintaining a focus on delivering long-term, sustainable growth for all stakeholders."
Wilkinson commented: "It feels like I’m approaching the right time to step away from full-time executive life [but] I’ve never been more confident in the opportunities ahead for this special brand. There remains lots to do, and much to learn, as Dunelm continues to grow and develop."
The retailer also announced strong results for the 26 weeks ended 28 December, with a 2.4 per cent increase in sales.
Dunelm has reported a rise in its market share in homewares to 7.8%, marking a year-on-year increase of 0.3%, alongside a customer base growth of 4.3%. The retailer's pre-tax profit edged up by 0.2% to £123.1m, while diluted earnings per share increased by 0.9% to 44.6p.
CEO Wilkinson commented on the company’s resilience: "Our performance over the first half reflects the growing attraction of the Dunelm offer for a wide range of customers, and the quality and resilience of our business model."
He further noted the company's success despite retail challenges: "Amidst a challenging backdrop for retail, those attributes have helped us deliver increased sales, a strong gross margin, and both customer and market share growth."
Wilkinson has expressed his support for the Government’s higher living wage initiative, advocating that an increase is beneficial for the overall economy.
Nonetheless, Dunelm is faced with various inflationary pressures, including a new packaging tax and a rise in employer’s national insurance contributions, mitigation efforts for which have led to only partial offsets through productivity improvements.
Expanding its footprint, Dunelm launched its first stores in inner London and added 13 outlets in Ireland during the second half of the previous year and looks forward to opening its 200th store within this year. Over the past twelve months, the company's shares have dropped by 10.59%, and over the last five years, they have fallen by more than 30% as British consumers moved away from the surge of home-focused spending spurred by the Covid pandemic.
