ScS warns of lower orders
ScS has warned that orders have continued to fall, although the rate has slowed.
‘It is clear that the ongoing economic and political uncertainties are continuing to impact consumer confidence and spending. However, the board is pleased to report that the business is trading in line with our expectations,’ Alan Smith, ScS chairman will tell shareholders at its AGM.
‘In the 17 weeks ended 23 November 2019, the like-for-like order intake decreased 7.1% and the two year like-for-like order intake decreased 4.0%. This is an improvement on the like-for-like trading for the first nine weeks of the year [7.6% and 4% respectively] which we reported with our full year results.
‘The group continues to focus on delivering a value proposition with excellent customer service whilst increasing our resilience. This puts us in a strong position to take advantage of opportunities which will add value in the longer term once the economy and consumer confidence improve.’
Shares fell by 4% on the news.