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ScS revealed that its sales were only 0.4% below the prior year for the 52 weeks ended 29 July, ending FY23 with a cash balance of £69.5m compared with £70.8m last year.
The group also reported that gross margins were 1% lower than the prior year at 44.4% due to year-on-year rise in costs for providing credit to customers. This was “partially” offset by price increases.
The retailer of upholstered furniture and floorings acquired the business and assets of Snug at the start of 2023, which reported a loss before tax for the year of £2.8m, with an underlying loss before tax of £1.9m.
However, ScS still reported an underlying profit before tax of £7.2m, which includes a £1.9m loss before tax from the Snug business.
During the year, the retailer reported a like-for-like order growth of 5.9% in H2, while its order intake for the full year was in line with FY22.
Steve Carson, CEO of ScS, said: “We remain cognisant of the challenging economic environment facing our customers which is expected to continue throughout FY24. We therefore believe that continuing to focus on our value driven proposition is extremely important so that everyone is able to create the home they love.
“The board is confident that the group’s strategy and strong balance sheet will enable ongoing trading resilience and we continue to expect to grow market share while investing in stores, in our digital proposition, and other strategic growth opportunities.”
