Sofa chain SCS keeps shareholders comfortable after pick-up in sales

 
Kasmira Jefford
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SCS sells a number of upholstered furniture brands through its 97 standalone stores
SOFA chain SCS hailed an improvement in sales in the last three months of a difficult year hampered by warm weather and the uncertainty in the run-up to the 7 May General Election.

The retailer, which floated on the London stock market earlier this year, said total like-for-like sales for the year to 25 July were up five per cent on the previous year.

Its order intake, which reflects sales it has not yet booked, rose 1.4 per cent in the 26 weeks to 25 July on a like-for-like basis.

This was an improvement on the four weeks to 2 May, when its like-for-like order intake dropped by 15.9 per cent. SCS blamed the fall on shoppers avoiding buying big-ticket items over Easter and the May bank holiday due to the warm weather.

It expects full-year results to be in line with market expectations, with underlying earnings in the range of £11m to £12m.

Separately, the group announced that it has kicked off a search for a new chief financial officer after Ron Turnbull announced that he will be stepping down after 11 years.