ScS hails ‘resilient’ year
Sofa retailer ScS has reported a “resilient” year as it continues to grow its market share.
In the 52 weeks to 29 July, the Sunderland-based company brought in £343.5 million in gross sales, including £4.2 million from its recently acquired Snug brand. This compares to £344.7 million in the prior year.
Meanwhile, group pre-tax profit came in at £6 million versus a previous £16.4 million.
Steve Carson, chief executive of ScS, said: “We are pleased to announce a resilient set of results and to continue to take market share in what is a challenging environment. We were also delighted to see continued progress in year two of our strategy, including modernising our product offering, investing in our store estate, refreshing and relaunching our brand and advertising and to announce the acquisition of Snug.”
ScS said trading has toughened in the first quarter of the new financial year, with like-for-like order intake growing in August and September, but declining by 4.4% in October.
Carson added: “We remain cognisant of the challenging economic environment facing our customers which is expected to continue throughout FY24. We therefore believe that continuing to focus on our value driven proposition is extremely important so that everyone is able to create the home they love.
“The board is confident that the group’s strategy and strong balance sheet will enable ongoing trading resilience and we continue to expect to grow market share while investing in stores, in our digital proposition, and other strategic growth opportunities.”
