Furniture retailer ScS has hailed “improved” trading and revealed its chief financial officer Ron Turnbull is stepping down.
- Like-for-like sales up 5% for the full year
- Chairman Alan Smith says ScS “well positioned” for growth
- Finance boss Ron Turnbull resigns after 11 years
- Comes months after ScS issued a profit warning
ScS said it expects its full-year financial results to be “in line with current market expectations” when it reports on September 29. It said like-for-like sales for the year ending July 25 jumped 5% on the year. Like-for-likes increased 1.4% during the second half of its financial year compared to 2014.
The retailer added it “remains committed” to a total dividend payment of £5.6m to shareholders.
Chairman Alan Smith said the sales increases leave ScS “well positioned for future growth.”
Turnbull, who has resigned from his role, will remain at ScS “for as much of the current financial year as is necessary to ensure a smooth handover,” the retailer said. An “external search process” to find his successor is already underway.
His departure comes after ScS was forced to issue a profit warning in May, when it blamed plunging like-for-likes and a drop in footfall in April on general election uncertainty and warmer weather.
ScS IPO
Turnbull said: “I am proud of what we have achieved at ScS over my time with the company. However, after 11 years at ScS I feel that now is the right time for me to pursue new opportunities.
“I wish everyone at and working with ScS well and I am confident that the business will continue to go from strength to strength.”
Smith added: “I would like to thank Ron for his significant contribution to ScS over the last 11 years, in particular for the key role he played in achieving a successful IPO for the group in January of this year. I and the board wish him every success for the future.”
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