ScS completes £3.1m share buyback and continues to open new stores
Sofa seller ScS says it has completed a £3.1m share buyback that was first announced in November.
The Sunderland-based retailer told the London Stock Exchange it had now returned £7m to shareholders through the repurchase of 4,057,981 ordinary shares, which includes a separate buyback programme first announced in March last year.
The figure represents 10.7% of the company’s issued share capital at that point in 2022.
The move comes amid continued investment in new store openings including the launch of its 100th store. New locations in Swindon and York were the latest additions to its network.
In January ScS acquired online modular ‘sofa-in-a-box’ firm Snug Shack in a pre-pack administration that saved 53 jobs. ScS recently reported the move would complement its existing offer and diversify its customer base and market share.
The plc had reported a strong balance sheet with cash of £76.9m at the end of January and no debt. Sales had grown 2.6% in the 10 weeks to the start of February – a period which include the sector’s key winter sale period.
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