- “Pleasing” start to the new financial year
- 7.9% increase in like-for-like order intake for 16 weeks to November 14
- Next store to open confirmed as Bromborough, Wirral on December 26
ScS chairman Alan Smith will report trading “in line with expectations” at the furniture retailer’s Annual General Meeting, to be held later today.
Smith will also report a 7.9% increase in like-for-like order intake, including House of Fraser, for the 16 weeks ended November 14, which he will describe as a “pleasing performance” against strong comparatives during autumn.
ScS will also confirm Bromborough in the Wirral as its next store opening on December 26.
Smith will tell the AGM: “We continue to look forward to the year ahead and beyond with confidence. A further update will be provided at the time of the pre-close which will be made in February 2016.”
In September, ScS was forced to defend its House of Fraser concession strategy after it was revealed the 30 shop-in-shops were making a loss despite generating £21.2m of sales during the financial year.
The new strategy combined with weaker trading in spring led to a drop in full-year profits. Operating profit before exceptional items relating to its IPO fell 3% to £6.4m for the year ended July 25. Revenues increased 13.4% over the period with like-for-like order intake up by 5%.