ScS “on track” to achieve sales expectations
Furniture and flooring retailer ScS said that it is encouraged by order levels as it posts a return to growth.
In the retailer’s interim update, ScS said it was trading in line with expectations and added that it was on track to meet its full year market expectations.
In the 26 weeks ending 28 January 2023, like-for-like (LfL) sales fell by 4.7% after LfL sales decreased by 9.1% between July and November, with ScS citing a tough comparative.
However LfL sales at retailer increased by 2.6% in the last 10 weeks of the period, with order intake momentum improving “significantly” in a period which included ScS’s winter sale.
ScS said it is continuing to invest in its operation and estate expansion with the opening of two new stores in Swindon and York, bringing its total store count to 100. The retailer added that its balance sheet remains strong, with cash reserves of £76.9m and no debt.
ScS also said it was pleased with the progress made since its acquisition of Snugsofa.com in January, as it looks to increase its market share.