Sofa and carpet specialist ScS issued some reassurance to those operating in the big-ticket sector today.
Its full-year results, which saw pre-tax profit rise 9.9% to £12m, were particularly welcomed given recent commentary around a “softening” furniture market and volatile consumer confidence.
Speaking to Retail Week after the results, ScS boss David Knight put its successes down to the firm’s “solid foundations”, its five-star Trust Pilot rating and its value proposition.
“Sometimes in a difficult environment people trade down,” he added, suggesting that if shoppers are feeling strapped, the value sector is not a bad one to be operating in.
Retailers with strong value credentials ranging from Primark to B&M and Shoe Zone have all heralded cash-conscious shoppers as a contributing factor to their rising sales in recent months – so tightened purse strings might not be as bad news for the retail sector as once thought.
Also today Reiss has hired a new trading director and Debenhams has poached directors from Dixons Carphone and Dune as new boss Sergio Bucher beefs up his senior leadership team.
Quote of the day
“We believe the group’s increasing resilience will enable us to manage the continued economic uncertainty and take advantage of opportunities”
– ScS boss David Knight on its prospects
Tomorrow brings Tesco’s interims and full-year results from Topps Tiles.
Emily Hardy, senior reporter and Grace Bowden, reporter