Sunderland sofa firm ScS in 20% revenue fall to £255m

Shares of Sunderland-based furniture and floorings retailer ScS Group fell about 7% on Tuesday after it said its revenue fell 19.5% to £255.5 million for the 52 weeks ended July 25, 2020, with its results “significantly impacted” by the COVID-19 pandemic lockdown.

ScS Group reported a pre-tax loss of £3.1 million compared to a £14.3 million profit last year.

However, order intake is up 45.8% on a like-for-like basis for the first nine weeks of the new financial year to September 26, 2020, while year to date trading “has continued to exceed the board’s expectations.”

ScS CEO David Knight said: “We are delighted with the strong trading since the start of the new financial year.

“However, we are now entering our 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 Coronavirus Job Retention Scheme at the end of October.

“Despite the uncertainty, our value led proposition is underpinned by a strong balance sheet, and our clear offering has continued to prove successful.

“We are confident it will continue to appeal to our customers who want to buy great products at the lowest possible price.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.