‘Sofa’ so good for furniture firm
CITY COMPANY SCS ‘IN A STRONG POSITION’ AFTER RELEASING PRELIMINARY RESULTS
Sunderland furniture company SCS has reported growth in orders of more than 1% in the past year.
Bosses at the firm say it “remains in a strong position to maximise opportunities as they arise and to grow market share”.
The furniture retailer, which is one of the biggest in the UK, has issued a trading update ahead of announcing its preliminary results for the 52 weeks ended July 29, which are due on October 3.
Bosses say that the group has traded in-line with its expectations for the year, with overall order growth of 1.4%.
At the time of the company’s interim results announcement in March, executives at the retailer said that the group faced challenging comparatives and what appeared to be a softening market environment.
They say that while the like-for-like order intake in the second half of the year declined by 5%, the two-year like-for-like order intake for the second half of the year improved and delivered growth of 16.9%.
Due to the strong comparatives last year, on a likefor-like basis, the group experienced an order intake decline of 0.7% for the year.
However, the two-year like-for-like order intake has grown 14.3%.
David Knight, chief executive officer of SCS, said: “We are pleased that despite the challenging comparatives and wider market backdrop we have traded in-line with the board’s expectations for the year.
“Looking ahead, notwithstanding the current trading environment, the board believes the business remains in a strong position to maximise opportunities as they arise and to grow market share.”