ScS sales smash £160m despite low consumer confidence

ScS trading update consumer confidence
The company expects to be able to release its full interim results before the end of the week
// ScS interim revenue increased despite low consumer confidence
// Online sales rose 24.5% to £9.8m thanks to investment

ScS has seen its half-year interim revenue rise despite a low level of consumer confidence surrounding the Covid-19 situation.

The furniture retailer said its revenue increased from £151.4 million, to £152 million, while sales increased 0.5 per cent to £160.1 million.

The company also reported a gross profit of £71.7 million, up from £71.5 million, while post-IFRS EBITDA climbed to £16.6 million and pre-IFRS rose to £3.8 million.

READ MORE: ScS CEO David Knight to retire following successful Christmas

Meanwhile, its online channel has seen sales increase by 24.5 per cent to £9.8 million, with gross sales increasing by 0.5 per cent to £160.1 million thanks to investment in the group’s ecommerce offering.

“Whilst consumer confidence remains low, the group has been successful in sustaining profitable growth and increasing its resilience,” ScS chief executive David Knight said.

“Trading in the early part of the year was particularly challenging. However, the improvement and return to growth seen over the key winter sales period and for the first six weeks of the second half was encouraging.”

Knight added: “In the past week we have seen reduced footfall and we are mindful of the developing situation with Covid-19 and the potential impact on deliveries and demand. However, we believe the group is as well positioned as it can be.”

ScS’s full interim results are subject to a short delay as a result of changes to the UK government policy in relation to the Covid- 19 virus.

The company expects to be able to release its full interim results before the end of the week.

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