Furniture retailer ScS says trading is ahead of last year and described the business as “resilient” in the face of a challenging market.
The Sunderland-based plc told investors that like-for-like order intake had seen an improvement in recent weeks though total intake for the 16 weeks to November 19 was down 9.1%. It said the reduction was down to a relatively strong comparative period when pent-up orders came forward following the end of the last national Covid lockdown.
In August, ScS upgraded profit expectations but warned that cost-of-living pressures for households were impacting the business. At the time, the firm reported reduced footfall to its stores and fewer online visitors.
In the new update, ScS said: “The board is encouraged by the group’s recent performance and current trading is in line with its expectations for the full year. The group is preparing for the important winter sales trading period and, as always, its success will be a key factor in the results for the full year. The business is planning to approach the winter sales period in a manner consistent with that which has proved successful in prior years.
“We are mindful of the challenges of the current economic climate. Trading remains difficult to predict, but we believe our refreshed strategy, strong cost management and robust balance sheet places the group in an excellent financial and operational position.”
The group added that its balance sheet position remained strong with £89.7m of cash and no debt.