Yesterday’s changes to Government policy relating to Covid-19 have delayed the publication of ScS' full interim results, but the retailer has released a trading update in the meantime.
According to ScS, gross sales increased +0.5% to £160.1m, and gross profit increased +0.3% to £71.7m. LFL order intake was down -4.4%, and online sales grew +24.5% to £9.8m.
CEO David Knight comments: “Trading has strengthened since our market update on 29th January 2020, with LFL order intake in the last seven weeks growing +3.3%. This is a significant improvement on trading for the first 26 weeks of the year, which had a LFL order intake decline of -4.4%. This has resulted in a LFL order intake decrease of -3.0% for the 33 weeks ended 14th March 2020.
"Whilst consumer confidence remains low, the group has been successful in sustaining profitable growth and increasing its resilience. Trading in the early part of the year was particularly challenging. However, the improvement and return to growth seen over the key winter sales period and for the first six weeks of the second half was encouraging. In the past week we have seen reduced footfall and we are mindful of the developing situation with Covid-19 and the potential impact on deliveries and demand. However, we believe the group is as well positioned as it can be.
"We continue to focus on providing excellent value, quality and choice for our customers, and are committed to our strategy. We remain confident in the future success of the group.”
Order intake was up +3.3% on a LFL basis for the first seven weeks of the second half of the year to 14th March 2020. This strengthening performance has meant the year to date LFL order intake decline has reduced since the half year, and is now down -3.0% for the 33 weeks to 14th March 2020.
