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ScS first-half sales rise, though fresh Covid lockdown hurts orders
StockMarketWire.com
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Furniture and flooring retailer ScS said its first-half gross sales had risen 14%, due to significant order intake last June and July following the end of the UK's first national Covid lockdown.
Gross sales for the six months through 23 January increased to £182.3 million, up from £160.1 million year-on-year.
Like-for-like order intake for the 26 July to 19 December rose 12%, but then slumped 65% in the four weeks to 23 January, bringing order intake for the first half down 9.1%.
The company had commenced its winter sale with 57 of its 100 stores trading on Boxing Day.
Following fresh lockdown restrictions, 37 stores then closed on 30 December, with the remaining 20 closing on 4 January, with online sales partly buffering the blow.
'Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, we remain cautiously optimistic given the strong trading experienced by the group following the first and second lockdowns,' ScS said.
'Given the tactile nature of our products, the majority of customers chose to wait until stores re-opened to try our products in person before making their purchasing decision.'
'This resulted in the business benefiting from pent-up demand, coupled with an increased level of investment by UK consumers in their homes.'
'The group has built a robust balance sheet and continues to focus on cost and cash management to ensure we maintain this resilience in these challenging times.'
Story provided by StockMarketWire.com
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