// ScS full-year profits will be ahead of expectations
// The sofa retailer reported a 3.9% growth in like-for-like orders in the year to July 30
ScS has said its full-year profits will be ahead of expectations as like-for-like orders grew after a “challenging 12 months”.
The sofa retailer reported a 3.9% growth in like-for-like orders in the year to July 30, compared to the previous year with an order book of £71.7 million, which was £31.8 million lower than at the same point in 2021 but £28.8 million higher than in 2019.
“The group’s financial position remains robust, with cash at July 30, 2022, of £70.8m and no debt,” ScS said.
READ MORE: ScS slips into the red as supply chain disruption impacts profits
“The group remains committed to the share buyback programme announced in March 2022 to repurchase and cancel up to £7 million of its share capital.
“The programme is progressing well and as of July 30, the group had repurchased and cancelled 1.24 million shares.
“In recent months, we have seen reduced in-store and online visitors resulting in a reduction in order levels, driven by the widely reported falling consumer confidence as a result of the cost-of-living pressures and economic uncertainty.
“We expect the low consumer confidence will continue to adversely impact the group in financial year 2023.
“However, the group is in a strong position as we enter the new financial year and strategic progress over the last 12 months means we are well positioned to take market share and maximise opportunities in a difficult environment.”
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