ScS: ‘consumer continuing to invest in their homes’
Consumers are continuing to invest in their homes and pent-up demand is continuing to drive a major sales increase, according to ScS.
Shares in the chain jumped by almost 10% after it updated shareholders on a 51% rise in orders.
‘We believe current performance continues to benefit from pent-up demand and an increased investment byUK 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. 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,’ it says.
The group had enjoyed a sales spike of 92.2% from 24 May to 25 July, as stores re-opened.
‘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.’