ScS warns on orders but highlights profits
ScS has given shareholders good and not so good, but not unexpected news.
It says that ‘positive trading, strong margin, and effective cost management during the year’ means the furniture and flooring chain now expects to report full year profits for the year to 30 July to be ‘ahead of market expectations.’ In its previous March update, the forecast was for profits in line with expectations.
However, it warned that orders for the year were 3.9% lower than 2019.
‘In recent months we have seen reduced in-store and online visitors resulting in a reduction in order levels, driven by the widely reported falling consumer confidence as a result of the cost of living pressures and economic uncertainty. We expect the low consumer confidence will continue to adversely impact the group in FY23,’ it warned.
Despite the slowdown, its order book is £28.8m higher than 2019, at £71.7m (including VAT). But this is £31.8m lower than 2021.
Its full-year results will be published on 11 October.
warned that orders have fallen below pre-pandemic levels, but that it expcts profits