Sofa and floorings chain ScS’s share price has soared by almost 17 per cent after the company said it expects full-year profits to beat City forecasts.
In an unscheduled update the retailer, which floated last year, said trading over the key Christmas and January sales period was strong within both its 97 ScS stores and 30 House of Fraser concessions.
ScS’s like-for-like order intake – which reflects sales it has not yet booked – rose by 8.8 per cent in the 25 weeks to 16 January 2016 compared and the company now expects to report profits “significantly ahead of current market expectations”.
House broker Investec upgraded its full-year pre-tax profit forecasts by 18 per cent to £9.1m following the upbeat update, which contrasted other furniture rivals such as Dunelm that have blamed the warm weather for weak sales over Christmas.
David Knight, chief executive, said: "Whilst we still have key trading periods over Easter and the two May bank holidays in the current financial year, we are delighted with the performance over the Christmas and January sales period and for the year to date."