The chief executive of Dunelm Group boss plans to retire after spearheading seven years of strong growth at the furniture retailer. Nick Wilkinson took over from John Browett as the Leicestershire-based firm's chief executive in 2018 following a five-year stint running cycling retailer Evans Cycles. Since joining, the company's annual turnover has jumped by over half thanks to rising online trade and a Covid-induced home improvement boom.
In the last fiscal year, Dunelm defied slowing spring and summer trade to report sales grew by 4.1 per cent to £1.7billion due partly to increasing demand among Londoners and shoppers aged 16 to 24. The FTSE 250 group also benefited from purchases of kitchen products, upholstered furniture, and made-to-measure window treatments. It said Wilkinson will remain as CEO until his successor is appointed and to ensure a smooth transition.
Departing: Dunelm Group's boss, Nick Wilkinson (pictured), plans to retire after presiding over seven years of considerable growth at the furniture seller. Wilkinson said: 'It is a real privilege to lead a business I love, and being a part of Dunelm's growth story is as fulfilling now as it was on day one. 'However, personally, it feels like I'm approaching the right time to step away from full-time executive life.'.
His departure comes on the same day that Dunelm revealed healthy trading results despite a continued soft market backdrop. The retailer's sales rose by 2.4 per cent to £893.7million in the six months ending 28 December, driven by higher volumes, customer numbers and market share. Dunelm noted that its furniture categories did particularly well after popular designs were extended across a more extensive product range.
Digital revenues formed a bigger percentage of turnover as the firm expanded the amount of available goods through its click-and-collect channel. The business also kept gross margins stable by limiting discounting activity, which helped its pre-tax profits flatline at £123.2million. '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,' said Wilkinson.
He added: '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 initially began his corporate career on Unilever's graduate trainee scheme before moving to the management consultancy McKinsey and later Dixons Group - later renamed Currys. After that, he spent four years as CEO of Maxeda DIY, the largest DIY retailer across the Benelux region.
