ScS hails strong full year results
Furniture retailer ScS has posted an 8.6% increase in full year revenue after making good progress in the first year of its new strategy.
In the 52 weeks to 30 July, revenue rose to £331.6 million while underlying pre-tax profit climbed to £13.8 million from £8.2 million in the prior year.
During the period, the retailer invested in strengthening leadership in its key teams, introduced a new concept design to three stores, and trialled new formats, ranges and digital features.
Steve Carson, chief executive of ScS, said: “We are pleased to be announcing results that are ahead of market expectations. The year saw the group deliver record sales, maintain its strong gross margin and manage costs effectively, resulting in a 68% increase in underlying profit before tax, excluding business rates relief. We also saw excellent progress in year one of our refreshed strategy, including strengthening our teams as we look to drive the business forward in the coming years.”
However, ScS said trading since the start of the new financial year has been subdued as high inflation impacts consumers’ spending and their appetite for big ticket items.
Looking ahead, Carson said: “We are pleased with the strategic progress we have made which, coupled with the strength of the group’s balance sheet, places the business in a strong position to deal with current headwinds. Whilst we expect the coming months to be challenging, we are confident in the longer-term growth prospects of the business.”
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