The Investment Column: DFS

LORD KIRKHAM, executive chairman of furniture retailer DFS, can sit back in his chair. He says he's afraid a merger with another company will destroy the group's culture.

Happily, the group's independence is hardly under threat; the shares have gained 13 per cent since impressive full-year results in October. Like-for-like sales growth continues to accelerate, and DFS is making good gains in productivity. The shares, at 357.5p, remain a buy.