8 Sep 2020 07:00
For Immediate Release | 8 September 2020 |
ScS Group plc
("ScS", or the "Group")
TRADING UPDATE
ScS, one of the UK's largest retailers of upholstered furniture and floorings, today issues the following trading update ahead of announcing its preliminary results on 29 September 2020.
As previously reported, post-lockdown trading was very strong both in store and online. Group order intake increased by 92.2% for the period from 24 May to 25 July 2020.
We believe current performance continues to benefit from pent-up demand and an increased investment by UK consumers in their homes. Trading since the start of the new financial year has remained strong, with like-for-like order intake growth of 51% for the six weeks to 5 September 2020. This growth, which is equivalent to £19m of additional revenue, has significantly exceeded our expectations and the Board continues to be encouraged by recent trading.
The Group is now entering its key autumn trading period and it remains difficult to predict the potential impact of the increased economic uncertainty, including the cessation of the government's CJRS scheme at the end of October. The Group is well positioned, with our value led proposition being underpinned by a strong balance sheet.
Next scheduled update
The Group will announce its preliminary results for the 52 weeks ended 25 July 2020 on Tuesday 29 September 2020.
An analyst briefing will be held at 9.30am on the morning of the results. For further information, please contact Buchanan at scs@buchanan.uk.com.
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 Tilly Abraham Charlotte Slater | Tel: +44 (0)20 7466 5000 scs@buchanan.uk.com |
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, Inspire and SiSi Italia). The Group also offers a range of third party brands (which include La-Z-Boy and G Plan). The Company's flooring business includes carpets, as well as laminate and vinyl flooring.