ScS hails ‘strong’ year
Furniture retailer ScS has said it has achieved another “strong” year after operating profit rose by 10.5% to £13.2 million.
In the year to 28 July, revenue increased by 1.3% to £337.3 million while EBITDA climbed by 8.1% to £18.8 million.
David Knight, ScS chief executive, said: “2018 has been another strong year. Despite a prolonged period of economic uncertainty and challenging trading conditions, we have continued to grow the business. I believe this is due to our continued focus on what we do best – ensuring that we offer an excellent customer experience with outstanding value, quality and choice.”
ScS said in-store sales accounted for the majority of trade, making up 89% of the group’s turnover compared to 88.9% in the previous year. Gross furniture sales were in line with the prior year at £270.9 million while in-store flooring sales grew by 7.1% to £42.8 million.
A decline in sales in the company’s House of Fraser concessions was offset by growth in its core ScS business. In addition, the retailer delivered record online sales with an uplift of 22.6%.
Looking at more recent trading, Knight said the company’s overall performance has been in line with expectations. Sales order intake was up 2.1% on a like-for-like basis in the nine weeks to 29 September.
Knight added: “Due to the ongoing changes at House of Fraser, trading within our concessions, which represented 7.1% of FY18 gross sales, remains challenging and we are working with the new owners to address this as a priority. Performance in our core ScS business has been encouraging.”
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