// ScS posts loss in the first half of its financial year
// The retailer is confident that it remains in a strong position for the full year
ScS has reported a loss in the first half of its financial year but is confident that it remains in a strong position.
The sofa and furnishing specialist reported a loss of £6.3m, deepening from £3.6m in losses reported the previous year.
In the same period, gross sales increased to £154.9m, a 3.4% increase compared with £149.8m the previous year. Revenue increased to £147.9m, up from £144.2m the year before.
The group reported an underlying loss before tax of £4.7m, down £0.9m compared with the previous year.
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Scs chief executive Steve Carson said: “The group made good strategic progress in the first six months of the financial year and continued to take market share. We are pleased with the strength of our winter sale performance and the subsequent increase in order momentum over the last two months.
“The macroeconomic environment continues to be challenging and we are mindful of the pressures faced by many of our customers. Therefore, continuing to focus on our value-driven proposition is more important than ever so that everyone is able to create the home they love.
“The board continues to believe that progress with the group’s strategy, ongoing cost management and a robust balance sheet places it in a strong financial and operational position. The outlook, therefore, is positive and ScS remains on track to deliver full-year profit before tax in line with market expectations.”
