ScS posts drop in full year sales
Furniture retailer ScS saw its revenue decline by 19.5% to £255.5 million in the year to 25 July after it was impacted by store closures during the Covid-19 lockdown.
In addition, the retailer posted a £3.1 million loss compared to a profit of £14.3 million in the previous year.
However, ScS said trading since the start of the new financial year has been strong, with like-for-like order intake growth of 45.8% for the nine weeks to 26 September. The retailer attributed the increase to pent-up consumer demand and customers spending more on their homes since lockdown.
David Knight, chief executive of ScS, said: “We are delighted with the strong trading since the start of the new financial year. However, we are now entering our key autumn trading period and it remains difficult to predict the potential impact of the increased economic uncertainty, including the cessation of the government’s coronavirus Job Retention Scheme at the end of October.
“Despite the uncertainty, our value led proposition is underpinned by a strong balance sheet, and our clear offering has continued to prove successful. We are confident it will continue to appeal to our customers who want to buy great products at the lowest possible price.”
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