Furniture retailer DFS has tumbled to a loss for the past year after it was hit by Red Sea shipping delays and higher interest rates.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Here are your business headlines for this morning.
00:09The furniture retailer DFS has tumbled to a loss for the past year
00:14after it was hit by Red Sea shipping delays and higher interest rates.
00:19The sofa specialist said sales were significantly down year-on-year
00:24due to exceptionally low market demand.
00:27It told shareholders that revenues dropped by 9.3% to £987.1m
00:34for the year to June 30th, compared with the previous year.
00:39As a result, the group slid to a £1.7m pre-tax loss for the year
00:45compared with a £29.7m pre-tax profit in the previous year.
00:52Tim Stacey, the Chief Executive, said it was clear the upholstery market
00:57has a long road to recovery.
01:00My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.