// ScS returns to profitability and reports soaring sales
// Online sales jumped 146% to £46.9m, following continued investment in its online business and an increase in online shopping
North East furniture retailer ScS has hailed a strong year of recovery with revenues rocketing 21.6 per cent to top £310 million.
The retailer reported a 21 per cent increase in gross sales to £325 million and a 22 per cent increase in revenues to £311 million.
Gross profit jumped 23 per cent to £147 million while operating profit was £27 million and underlying profits were £18 million, up from just £0.9 million last year.
Trading from 100 stores, the group’s like-for-like order intake was down only 1.5 per cent on last year and 6.5 per cent down on 2019, despite being closed for 17 weeks this year, compared with nine weeks last year.
Meanwhile, online sales jumped 146 per cent to £46.9 million, following continued investment in its online business and an increase in online shopping during the periods of store closures.
Its strong position led to the repayment of the £3 million furlough grants claimed under the Coronavirus Job Retention Scheme during the year, following the successful reopening of the group’s store
Chief executive Steve Carson said: “Trading since the start of the new financial year has remained strong, with two-year like-for-like order intake growth of 11.9% for the nine weeks to October 2.
“One-year like-for-like orders have fallen 21% as a result of the significant bounce following the lockdown in the prior year. We are delighted with the strong orders since the start of the new financial year.
“However, we are cognisant of the ongoing challenges we, and many other businesses, are facing with regards to the supply chain, including driver shortages, raw material increases and shipping costs and delays.
“We have demonstrated throughout the pandemic that we have a flexible and resilient business model which is able to adapt to changes in the macro-environment whilst still delivering for our customers.
“We look forward to embedding the new purpose and mission statement into our operations and delivering on our refreshed strategy for future growth, which we are setting out today.”
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