DFI Retail Group posts 72% decline in underlying profit in ‘challenging’ 2022

The underlying profit fell to $39m (US$29m) in fiscal year 2022.

Retail firm, DFI Retail Group, faced another “challenging” year after declaring a 72% YoY decline in underlying profit to $39m (US$29m) in 2022.

Its underlying earnings per share also fell 72% from $2.8m (US$2.14m) in 2022 compared to previous year.

But for the second half of the year, the group posted an improvement with an underlying profit of $107m (US$80m) compared to underlying loss of $70m (US$52m) in the first half.

“The Group continues to adapt to changes in consumer preferences and, despite the external challenges, has increased investments in digital in the year. While these investments impacted profitability in the year, they are required to meet customers’ evolving needs and to drive long-term shareholder value,” said DFI.