ScS sees second half orders drop by 5%
Upholstery and flooring chain ScS suffered a 5% drop in orders in the past six months.
The chain said because of the like-for-like order intake for the six moths to 29 July dropping by 5%, like for like orders for the year were down by 0.7% but overall orders were up by 1.4%.
‘At the time of our interim results announcement on 21 March 2017, we highlighted that the group faced very challenging comparatives and what appeared to be a softening market environment. As such, while the like-for-like order intake in the second half of the year declined 5%, the two-year like-for-like order intake for the second half of the year improved and delivered growth of 16.9%’, said the chain.
‘Due to the strong comparatives last year, on a like-for-like basis, the group experienced an order intake decline of 0.7% for the year. However, the two-year like-for-like order intake has grown 14.3%.’
‘We are pleased that despite the challenging comparatives and wider market backdrop we have traded in-line with the board's expectations for the year. Looking ahead, notwithstanding the current trading environment, the board believes the business remains in a strong position to maximise opportunities as they arise and to grow market share,’ said David Knight, ScS ceo.
Shares in the chain rose by 3.4% on the update.