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ScS swings to first-half loss as store closures hurt sales

By BFN News | 07:34 AM | Tuesday 29 September, 2020


Furniture and flooring retailer ScS swung to a full-year loss after the Covid-19 pandemic led to the temporary closure of its stores between March and May. Pre-tax losses for the year through 25 July amounted to £3.1 million, compared to a profit of £14.3 million year-on-year. Revenue slumped 20% to £255.5 million. ScS did not declare a final dividend. On current trading, the company said its order intake was up 46% on a like-for-like basis for the first nine weeks of the new financial year to 26 September. Year-to-date trading had continued to exceed the board's expectations, though ScS said it was mindful of the developing situation with Covid-19, and the potential impact on the wider economy. 'We are delighted with the strong trading since the start of the new financial year,' chief executive David Knight said. 'However, we are now entering our key autumn trading period and it remains difficult to predict the potential impact of the increased economic uncertainty, including the cessation of the government's Coronavirus Job Retention Scheme at the end of October.' 'Despite the uncertainty, our value led proposition is underpinned by a strong balance sheet, and our clear offering has continued to prove successful.' 'We are confident it will continue to appeal to our customers who want to buy great products at the lowest possible price.' Story provided by StockMarketWire.com

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