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25 Nov 2022 07:00
For Immediate Release | 25 November 2022 |
ScS Group plc
("ScS", or the "Group")
AGM Trading Update
Encouraging recent performance despite the challenging trading conditions
ScS, one of the UK's largest retailers of upholstered furniture and floorings, provides the following update ahead of the Company's Annual General Meeting ("AGM") to be held at 14:00 GMT today at its registered office, ScS, 45-49 Villiers Street, Sunderland, SR1 1HA. At the meeting, the Group's Chair, Alan Smith will provide the following update on performance and outlook:
Trading
The Group is trading resiliently through what continues to be a challenging period. Like-for-like order intake has seen an improvement in recent weeks, with trading ahead of the prior year. Total like-for-like order intake for the 16 weeks to 19 November 2022 is down 9.1% due to the reduction in orders in the first ten weeks to 6 October 2022, when the comparative period benefited from strong pent-up demand following the last national lockdown. The Group is also pleased to see that we have continued to gain market share over the period.
Period | Weeks | Like-for-like order intake vs prior year |
31 July to 6 October 2022 | 1 to 10 | (14.4%) |
7 October to 19 November 2022 | 11 to 16 | 1.3% |
31 July to 19 November 2022 | 1 to 16 | (9.1%) |
The balance sheet remains strong, with closing cash at 19 November 2022 of £89.7m and no debt.
Outlook
The Board is encouraged by the Group's recent performance and current trading is in line with its expectations for the full year. The Group is preparing for the important winter sales trading period and, as always, its success will be a key factor in the results for the full year. The business is planning to approach the winter sales period in a manner consistent with that which has proved successful in prior years.
We are mindful of the challenges of the current economic climate. Trading remains difficult to predict, but we believe our refreshed strategy, strong cost management and robust balance sheet places the Group in an excellent financial and operational position.
Enquiries:
ScS Group PLC Steve Carson, Chief Executive Officer Chris Muir, Chief Financial Officer | c/o Buchanan +44 (0)20 7466 5000 |
Buchanan Richard Oldworth Toto Berger Verity Parker | Tel: +44 (0)20 7466 5000 scs@buchanan.uk.com |
Shore Capital Patrick Castle James Thomas Iain Sexton | Tel: +44 (0)20 7408 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 98 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, Inspire and SiSi Italia). The Group also offers a range of third party brands (which include La-Z-Boy, Ideal Home and G Plan). The Group's flooring business includes carpets, as well as laminate and vinyl flooring.
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