ScS has reported lacklustre sales growth over the last year as it suffered from poor weather and poor concession sales at House of Fraser.
For the year to July 28, the furniture retailer reported like-for-like sales growth of 0.2 per cent, while total order growth for the division was 0.4 per cent.
Though it enjoyed a more promising 2.2 per cent growth in sales during the first staff of the year, this was offset by a 2.6 per cent drop during its second half.
It attributed its near flat growth to adverse weather conditions but said the largest drag on sales was the poor performance of its concessions, with orders dropping 4.3 per cent overall.
House of Fraser’s continued financial troubles hindered its concession performance, with sales from the department stores concessions accounting for 7.2 per cent of ScS’s total sales during the year.
Twelve ScS concessions will close amid House of Fraser’s CVA, but this will reportedly not have an effect on material earnings.
“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,” chief executive David Knight said.
“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.”
[stockdio-historical-chart stockExchange=”LSE” width=”100%” symbol=”scs” displayPrices=”Lines” performance=”false” from=”2018-01-01″ to=”2018-08-08″ allowPeriodChange=”false” height=”350px”]Click here to sign up to Retail Gazette‘s free daily email newsletter
