21 Nov 2018 07:00
For Immediate Release | 21 November 2018 |
ScS Group plc
("ScS", or the "Group")
AGM Statement
Trading for the Group in line with the Board's expectations
ScS, one of the UK's largest retailers of upholstered furniture and floorings, will hold its Annual General Meeting today at 14.00 at Indigo Hotel, Durham, DH1 3HL. At the meeting, Alan Smith, Chairman, will make the following statement:
"The Board is pleased to report that the core ScS business has continued to perform well, with like-for-like order intake growth of 3.5% for the 16 weeks ended 17 November 2018. Two year like-for-like order intake has grown 7.1%.
As announced on 25 October 2018, the Group will cease trading from its 27 concessions within House of Fraser by the end of January 2019. During the 16 weeks ended 17 November 2018, the concessions accounted for only 2.9% of the Group's order intake and have seen a decline in like-for-like orders of 53.4%.
Strong core ScS performance has offset declining orders in the House of Fraser concessions, resulting in the Group, as a whole, trading in line with the prior year. Two year like-for-like order intake has grown 2.6%.
Whilst it is still early in the current financial year, the Group continues to trade in line with the Board's expectations. We believe the Group's increasing resilience and value proposition will enable us to manage the continued economic uncertainty and take advantage of opportunities."
Enquiries:
ScS Group PLC David Knight, Chief Executive Officer Chris Muir, Chief Financial Officer | c/o Buchanan +44 (0)20 7466 5000 |
Buchanan Richard Oldworth Madeleine Seacombe Tilly Abraham | Tel: +44 (0)20 7466 5000 scs@buchanan.uk.com |
Shore Capital Patrick Castle Dru Danford James Thomas | Tel: +44 (0)207 408 4050 |
Notes to Editors
ScS is one of the UK's largest retailers of upholstered furniture and floorings, promoting itself as the "Sofa Carpet Specialist", seeking to offer value and choice through a wide range of upholstered furniture and flooring products. The Group's product range is designed to appeal to a broad customer base with a mid-market priced offering and is currently traded from 100 stores.
The Group's upholstered furniture business specialises primarily in fabric and leather sofas and chairs. ScS sells a range of branded products which are not sold under registered trademarks and a range of branded products which are sold under registered trademarks owned by ScS (such as Endurance and SiSi Italia). The Group also offers a range of third party brands (which include La-Z-Boy, G Plan and Parker Knoll). The Group's flooring business includes carpets, as well as laminate and vinyl flooring.