DFS warns of ‘significantly worse’ market as cost of living crisis hits sales

Furniture retailer says cost-cutting has helped offset impact on its profits

The sofa retailer DFS has warned the market has been “significantly worse than expected” as demand for big-ticket items has been hit by the cost of living crisis.

It said the tough economic climate, in which mortgage rates have hit their highest level since 2008, pushed sales volumes 15% to 20% lower across the market.