Business Model & Strategy
HOW WE GENERATE SUSTAINABLE VALUE FOR ALL STAKEHOLDERS
We remain ambitious about being a good company that focuses on growing sustainably. This means adopting a culture of making decisions for the long term to create enduring financial and social value for our stakeholders, while reducing our environmental impacts.
Our customer proposition
We will deliver our purpose by being Customer 1st; striving to improve our
offer for savvy home-lover customers.
Stakeholder value creation
Customers
Improving our in-store and digital services and experiences to raise the bar on our customer offer and deliver value and joy.
2.8%1
growth in active
customer numbers
Colleagues
Ongoing investment in social and financial wellbeing, communication, diversity, equality and opportunities to learn in an ambitious and inclusive organisation.
82%
participation in
our latest colleague
engagement survey
Communities
Creating mutual benefits by expanding our community communications, social media interactions and meaningful local fundraising initiatives.
61%
own brand products available
for take-back service
Suppliers
Strengthening engagement to promote long-term relationships, based on integrity and transparency, that are focused on social, environmental and product quality standards.
99%
invoices paid
on time
Planet
Target-setting and actions to reduce carbon emissions across our operations and supply chain, with increasing focus on the use of more sustainable materials.
32%
reduction in
Scope 1 carbon
intensity since FY19
Shareholders
Timely and transparent financial and ESG communication to optimise capital allocation decisions while remaining focused on financial discipline and performance.
£163m
total dividends
paid in the year
1Growth in unique active customers who have transacted at least once in the 12 months to June 2023. Management estimates using Barclays data.
How we will seize the opportunity
Our vision is to build the UK’s most trusted and valuable brand for homewares and furniture. We are focused on continuing to deliver sustainable, profitable growth to create value for our stakeholders and see a clear runway for further growth.
Our Customer 1st proposition remains at the heart of the business and our ability to deliver is powered by three core strategic drivers which underpin our plans.
Aligned with these drivers is our ambition to be a good company and build sustainability into all that we do. We also continue to invest in digitalising and developing our foundations to improve our customer offer and make our operations more efficient.
Product mastery
Product mastery encapsulates the deep expertise we are developing across our categories, from creative design to responsible sourcing via our committed supplier partners.
We are passionate about offering our customers outstanding value and quality for every space, style and budget. With the majority of our products being own brand and exclusive ranges, we are innovative and agile in our product development, working closely with our suppliers. This allows us to create product ranges which excite our customers whilst meeting our exacting quality, ethical and environmental standards.
Total retail system
Our thriving total retail system combines the advantages of physical and digital retail in a seamless offer which gives choice to our customers in how they shop.
We continue to invest in technology to power this system and empower our colleagues. Digitalisation encompasses everything from improving our shopping experience, to increasing operational productivity, to leveraging data and insights to refine our proposition.
Culture and identity
We have developed a strong culture as an ambitious and inclusive organisation.
Maintaining the strength of our culture and identity is essential to the long-term sustainability of our business. Our shared values embody what we stand for – we remind our long-standing colleagues of the importance of our values and we instil these in new joiners. We are entrepreneurial, inclusive, adaptable and resourceful in a workplace that welcomes all.