ScS hails strong full year performance
Sofa retailer ScS saw its underlying operating profit increase by 4.6% to £14.3 million in the year to 27 July after like-for-like orders rose by 4.2%.
The company said it performed well with gross sales rising by 1.8% to £333.3 million despite having a lower opening order book at the start of the year due to the warm weather and the football World Cup at the end of the previous financial year. Sales were also affected by the closure of two stores.
David Knight, chief executive of ScS, said: “I am delighted to report another year of good progress and growth for ScS in our continued effort to ensure we remain Britain’s best value sofa and carpet retailer.”
However, ScS said trading conditions have been more challenging since the start of the current financial year and that its like-for-like order intake fell by 7.6% from 28 July to 29 September. The company said trading has been impacted by the record temperatures over the August bank holiday weekend and the increasing political and economic uncertainty due to Brexit.
Looking ahead, Knight added: “We remain conscious of the impending Brexit deadline, and the impact this may have on the market, consumer confidence and the wider economy. However, the group’s financial health has never been as strong and with our resilient, debt-free balance sheet, we are in a good position to manage the ongoing uncertainty, and furthermore seek opportunities which will add value in the longer term.”
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