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Big order book boosts ScS "record performance"
March 16, 2021
Major flooring retailer ScS has reported a record performance for the last six months to January 23rd with sales up 14%, including online sales powering ahead with recent growth of nearly 160%.
The group, which has 100 UK stores, said the success was "driven by the delivery of the large opening order book from pent up demand in June and July 2020, coupled with strong order growth."
In the ScS interim results for the 26 weeks ended 23 January 2021, the group said revenues were up 14.4% to £173.9m and profits before tax were £17.7m – a major turnaround from the same period last which reported a small loss of £0.6m.
Despite store closures throughout the autumn and key winter sales period, like-for-like order intake for the 26 weeks ended 23 January 2021 was only down 9.1%, said the company.
During the pandemic SCS overhauled its online presence with a new website including a ‘zero touch’ finance feature and "bringing customers in-store from the comfort of their own homes with MyScSLive video technology."
As a result, online sales increased 81.3% to £17.7m for the full six months and online order growth for the most recent two months to 13 March 2021 increased by 157.5%.
The Government's Covid business rates relief saved ScS £5.3 million and the furlough scheme a further £1.3 million. The Group says it intends to repay the furlough money if trading goes to plan once stores reopen.
David Knight, Chief Executive Officer of ScS, was delivering his final results statement to shareholders as he retires from the business, to be replaced by Steve Carson who joined the group in January from Holland & Barret.
“We are delighted to be reporting a strong result for the first half of the year, and continue to make progress on our strategic priorities," said David. "We remain cautiously optimistic as recent government announcements have provided further clarity on the anticipated reopening of our stores. The business continues to adapt and respond to trading conditions, with increased focus on the development of our digital channels.
"We are confident that our underlying priority of providing an excellent customer experience with outstanding value, quality and choice, will continue to prove successful," he said.
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