Sunderland sofa firm ScS sees orders soar 92%

Shares of Sunderland-based furniture and floorings retailer ScS Group rose 15% on Tuesday after it issued a trading update saying its order intake increased 92.2% for the period from May 24 to July 25, 2020. 

“As previously reported, post-lockdown trading was very strong both in store and online,” said ScS.

“We believe current performance continues to benefit from pent-up demand and an increased investment by UK consumers in their homes.

“Trading since the start of the new financial year has remained strong, with like-for-like order intake growth of 51% for the six weeks to 5 September 2020.

“This growth, which is equivalent to £19m of additional revenue, has significantly exceeded our expectations and the board continues to be encouraged by recent trading. 

“The group is now entering its 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 CJRS scheme at the end of October.

“The group is well positioned, with our value led proposition being underpinned by a strong balance sheet …

“The group will announce its preliminary results for the 52 weeks ended 25 July 2020 on Tuesday 29 September 2020.”