ScS benefits from Courts closure

ScS Upholstery has gained market share following the demise of Courts. At the furniture retailer's annual general meeting today, executive chairman Mike Browne will tell shareholders that like-for-like sales rose 11 per cent for the first 18 weeks of the financial year, to February 4.

Browne said: 'The impressive performance is in part because of gaining extra market share over this critical period, which was also assisted by the recent demise of Courts and favourable weather conditions.'

ScS confirmed plans to open three stores over the financial year, at Watford, Barnsley and Chesterfield. It will also relocate its Leeds store before Easter.

Analysts at Seymour Pierce saw the statement as an indication that ScS would grow sales over the next year.

Seymour Pierce analyst Richard Ratner said: 'These are excellent figures and, although we doubt whether this rate of growth can be maintained for the year as a whole, we move our [pre-tax profit] forecasts for this year from£15.45 million to£16.5 million.'