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Furniture and flooring retailer ScS has revealed it expects to meet its full-year market expectations after it returned to growth in the 10 weeks to 28 January 2023.
In an interim update, it said like-for-like order intake momentum “improved significantly” throughout the period and the group returned to growth of 2.6% in the last 10 weeks, which included the key winter sale.
Overall for the 26-week period, orders did slip 4.7% as the first 16 weeks were impacted by a tough comparable period, according to the retailer.
The group also confirmed it continued to invest in its operations and estate expansion by opening two new stores in Swindon and York, bringing the total UK store count to 100.
Its balance sheet also “remains strong”, with closing cash at 28 January 2023 of £76.9m and no debt.
The ScS board confirmed progress has been made through collaboration with the team at Snug since its acquisition on 10 January 2023 and that it believes the acquisition represents “further progression” in the group’s strategy.
As part of the update ScS said: “Despite the current economic climate remaining challenging and unpredictable, the board is encouraged by recent order levels. We continue to believe that the group’s refreshed strategy, strong cost management and robust balance sheet places it in an excellent financial and operational position. The group remains on track to meet full year market expectations.”
