DFS Furniture plc has announced its preliminary results for the 52 weeks ended 25 June 2023. The company reported a record market share of around 38% in the UK upholstery market, representing a 2% gain. Despite a challenging market, DFS achieved revenue from continuing operations of £1,088.9 million, a decrease of 5.3% compared to the previous year. Gross margin improved to 54.4%, up 1.7 percentage points year-on-year. Underlying profit before tax from continuing operations was £30.6 million, down 49.3% from the previous year. Free cash flow, excluding working capital normalization, was £29.4 million. Net bank debt increased to £140.3 million, with leverage at 1.9x. The company also highlighted its strategic and operational highlights, including the evolution of its brands, the strengthening of its position in the home category, and the development of a carbon reduction plan to achieve net zero emissions by 2040. Looking ahead, DFS expects a low single-digit year-on-year improvement in underlying profit before tax for FY24, supported by market share gains and margin improvements.