ScS posts strong first half results
Furniture retailer ScS has posted a profit of £17.7 million in the 26 weeks to 23 January after it benefited from pent-up demand in June and July following the easing of lockdown restrictions.
Revenue increased by 14.4% to £173.9 million in the period as online sales grew by 81.3% to £17.7 million.
David Knight, ScS chief executive, said: “We are delighted to be reporting a strong result for the first half of the year, and continue to make progress on our strategic priorities. The group has built a robust balance sheet in recent years and remains focused on cost and cash management to ensure it maintains its resilience in these challenging times.”
Giving an update on more current trading, ScS said its order intake decreased by 87.2% on a like-for-like basis in the seven weeks to 13 March due to temporary Covid-19 store closures. This meant there was an order intake decline of 23.8% in the 33 weeks to 13 March.
Knight added: ” The business continues to adapt and respond to trading conditions, with increased focus on the development of our digital channels. We are confident that our underlying priority of providing an excellent customer experience with outstanding value, quality and choice, will continue to prove successful.”
