8 Aug 2018 07:00
| 8 August 2018 |
ScS Group plc
("ScS" or the "Group")
Trading Update
TRADING IN LINE WITH BOARD'S EXPECTATIONS
ScS, one of the UK's largest retailers of upholstered furniture and floorings, today issues the following trading update for the 52 weeks ended 28 July 2018 (the "Year") ahead of announcing its preliminary results on 2 October 2018.
The Board is pleased to report that the Group has traded in line with its expectations for the Year, with overall order growth of 1.3%.
In the interim results update on 21 March 2018, the Group reported like-for-like order intake growth for the first half of the year of 2.2%. We also highlighted the impact of the adverse weather conditions in the week commencing 25 February 2018, and stated that we expected trading to remain challenging. The continued softer trading environment, coupled with extremely warm weather in June and July, has resulted in like-for-like order intake in the second half of the year declining by 2.6%.
For the full year, the Group has therefore achieved an overall like-for-like order intake increase of 0.2%.
Analysis of like-for-like orders by division
| H1 | H2 | Total |
Core ScS | +2.5% | (2.5%) | +0.4% |
HoF concessions* | (0.4%) | (4.3%) | (1.9%) |
Group | +2.2% | (2.6%) | +0.2% |
*House of Fraser concessions contributed 7.2% of Group order intake in the year.
David Knight, Chief Executive Officer of ScS, commented:
"I am pleased to announce that the Group has traded in line with the Board's expectations for the year, an encouraging result given the challenging retail environment. We believe this demonstrates the increasingly resilient nature of our business and the success of our value proposition. We remain focused on continuing to deliver our growth strategy and providing excellent choice, value and quality for our customers."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Next scheduled update
The Group will announce its preliminary results for the 52 weeks ended 28 July 2018 on Tuesday 2 October 2018.
An analyst meeting will be held at the offices of Buchanan, 107 Cheapside, EC2V 6DN at 9.30am.
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 |