ScS return to profits after a £1.7 million loss

ScS has announced a return to profits with like-for-like sales up nearly 15 per cent in its latest full-year report, recovering from a loss of £1.7 million the prior year.

Pre-tax profits in the year to July 30 rose to £10.9 million, whereas the adjusted EBITDA rocketed by a further 41.5 per cent to £16 million.

After having raised its profit expectations following a strong Christmas period, the furniture and upholster retailer posted a 14.8 per cent hike in like-for-like sales and a revenue boost of 14.7 per cent taking it to £317 million.

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Despite its significant progress with ecommerce, with sales rising by 19.8 per cent online, ScS attributes the success to concessions in House of Fraser stores, which it is planning to increase in the coming months.

Its 28 concessions gained a 19.7 per cent rise in gross sales to £25.3 million. Having opened two new outlets in the period, the retailer is now penning plans for further expansion to bricks and mortar stores.

“We are delighted to be reporting significant growth across all areas of the group for the 2016 financial year,” chief executive David Knight said.

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“These results demonstrate that the group has made significant progress in developing ScS into a strong national brand with three very clear retail offers – upholstered furniture, flooring and our House of Fraser concessions, all supported by an online platform that has seen continued investment.”

“Looking further ahead, we are excited about our prospects, including the continued growth from our existing ScS network, the concession agreement with House of Fraser, our flooring offering and our online proposition.”

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