ScS reports strong sales growth
While gross profit climbed by 13.2% to £57.4 million in the six months to 24 January, the company posted an operating loss of £8.7 million which was in line with expectations and reflected the weighting of advertising and investment in establishing a House of Fraser concession in 30 stores.
Meanwhile, there was an EBITDA loss of £3 million excluding exceptional items compared to an EBITDA loss of £1.3 million in the first half of the previous year.
SCS, which listed on the London Stock Exchange in January, opened new stores in Abbotsinch, Croydon and Slough in the period to take the total number of stores to 97.
It also launched a new e-commerce platform for its ScS trading website as well as a bespoke House of Fraser 'For Living' site.
Online sales climbed by 27.6% to £3.7 million.
The company said its current trading remains in line with market expectations with sales order intake up 7.5% on a like-for-like basis for the first 33 weeks of the year.
David Knight, ScS chief executive, said: “We are delighted to be reporting our maiden set of results since listing on the London Stock Exchange. These results demonstrate the progress that has been made to develop ScS into a strong and resilient business.
“Our sales order intake is our best ever at this time of year and this momentum gives us good visibility for the second half. We are, therefore, confident of meeting market expectations for the full year.
“Looking ahead, we are excited about our future growth prospects, including our new concession agreement with House of Fraser, our flooring offering and online proposition.”
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