ScS

Today’s news in brief-29/5/24

Retail sales in the UK have seen their fastest growth since December 2022, according to the CBI Distributive Trades Survey. Sales volumes jumped by 8% in May, even as selling price inflation eased significantly to its lowest since August 2020, falling from 54% in February to 20%. Despite this improvement,…

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ScS chief executive to step down

The chief executive of specialist furniture retailer ScS Steve Carson is stepping down from his role, City AM has reported.  Carson, who is leaving the retailer this summer, oversaw the £99m takeover deal of ScS by Italian retailer Poltronesofá in October 2023. Poltronesofá currently operates 167 stores in Italy, 106…

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Today’s news in brief- 22/12/23

Nike has announced a cost-saving plan of $2bn over the next three years and revised down its sales forecast. This move has led to an over 11% drop in the company’s stock price during after-hours trading. The company anticipates a pre-tax charge of $400-450m in the current quarter due to…

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ScS shareholders approve £99m Poltronesofà deal

ScS has announced that its shareholders have voted in favour of the group’s £99m takeover by Italian firm, Poltronesofà. At a general meeting this week, shareholders approved all resolutions regarding the deal, allowing the move to proceed. In October, ScS and Cerezzola Limited, a newly incorporated wholly-owned subsidiary of Poltronesofà,…

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Today’s news in brief-25/10/23

Asos has pushed back the release of its FY23 results to 1 November 2023, citing the need for its auditor, PwC, to complete planned testing. PwC has assured that the outstanding procedures are of limited scope. Asos confirmed its performance up to 3 September 2023 aligns with the post-close trading…

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ScS sales dip 0.4% below FY22 levels

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…

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Today’s news in brief-24/10/23

Furniture retailer ScS has agreed to be acquired by Italian brand Poltronesofà in a £99.4m deal. This acquisition, representing a premium of 66% to the closing price per ScS share in October, has been recommended to shareholders and is expected to be completed in early 2024. Poltronesofà views this as…

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ScS to be acquired by Italian firm Poltronesofà in £99.4m deal

Furniture retailer ScS has revealed it has agreed to be acquired by Italian brand Poltronesofà in a £99.4m deal. SCS’s board said the deal, which represents a premium of 66 per cent. to the Closing Price per ScS Share of 169 pence on 23 October 2023, has been recommended to…

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ScS full-year profits to meet market expectations

ScS has said it expects to report that full year profits will be in line with market expectations, as the group’s cash position stands at £69.5m with no debt for the year ended 29 July.  This comes as the group achieved strong like-for-like order growth of 6% from weeks 34…

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SCS names Mark Fleetwod as CFO

Flooring and furniture retailer ScS has revealed it has appointed Mark Fleetwood as chief financial officer (CFO). He will join the board of the group and take up his role as CFO on 4 September 2023. The retailer said Fleetwood has significant retail and PLC experience most recently serving a…

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