ScS Group PLC Trading Update and House of Fraser concessions (0876F)
October 25 2018 - 1:00AM
UK Regulatory
TIDMSCS
RNS Number : 0876F
ScS Group PLC
25 October 2018
For Immediate Release 25 October 2018
ScS Group plc
("ScS", or the "Group")
Trading update for 12 weeks ended 20 October 2018 and update on
House of Fraser concessions
Trading for the Group as a whole in line with our expectations;
exit from House of Fraser by end of January 2019
ScS Group plc, one of the UK's largest retailers of upholstered
furniture and floorings, today provides a trading update for the 12
weeks ended 20 October 2018 and an update in relation to its House
of Fraser concessions.
Trading Update
The Group has achieved like-for-like order intake growth of 1.2%
for the 12 weeks ended 20 October 2018.
The core ScS business has continued to perform well, with
like-for-like order intake growth of 4.5%. Two year like-for-like
order intake has grown 7.4%.
During the period, our House of Fraser concessions have seen a
decline in like-for-like orders of 52.5%.
Whilst it is still early in the current financial year, the
Group, as a whole, continues to trade in line with our
expectations.
House of Fraser Concessions
The Group announces that it will cease trading from its 27
concessions within House of Fraser by the end of January 2019.
The House of Fraser concession business accounted for only 2.7%
of the Group's order intake for the 12 weeks ended 20 October
2018.
We are working with affected employees, and looking to re-deploy
them and their valuable skills and experience within the wider ScS
Group business, where possible.
David Knight, Chief Executive Officer of ScS, commented:
"I would like to take this opportunity to thank all of our
colleagues who have worked in our House of Fraser concessions over
the past few years for their dedication and hard work. However,
given developments in House of Fraser over the last few months, it
has become clear that the partnership was no longer beneficial to
ScS.
We are pleased to announce that we have continued to trade well
in the core ScS business in the first 12 weeks of our financial
year. We will continue to focus on our successful value offering
proposition, coupling this with the excellent service that ScS
provides and that our customers know and love."
Enquiries:
ScS Group PLC c/o Buchanan +44 (0)20
David Knight, Chief Executive Officer 7466 5000
Chris Muir, Chief Financial Officer
Buchanan Tel: +44 (0)20 7466 5000
Richard Oldworth scs@buchanan.uk.com
Madeleine Seacombe
Tilly Abraham
Shore Capital Tel: +44 (0)207 408 4050
Patrick Castle
Dru Danford
James Thomas
Notes to Editors
ScS is one of the UK's largest retailers of upholstered
furniture and floorings, promoting itself as the "Sofa Carpet
Specialist", seeking to offer value and choice through a wide range
of upholstered furniture and flooring products. The Group's product
range is designed to appeal to a broad customer base with a
mid-market priced offering and is currently traded from 100
stores.
The Company's upholstered furniture business specialises
primarily in fabric and leather sofas and chairs. ScS sells a range
of branded products which are not sold under registered trade marks
and a range of branded products which are sold under registered
trade marks owned by ScS (such as Endurance and SiSi Italia). The
Group also offers a range of third party brands (which include
La-Z-Boy, G Plan and Parker Knoll). The Company's flooring business
includes carpets, as well as laminate and vinyl flooring.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTEALELASAPFFF
(END) Dow Jones Newswires
October 25, 2018 02:00 ET (06:00 GMT)
Scs (LSE:SCS)
Historical Stock Chart
From Apr 2024 to May 2024
Scs (LSE:SCS)
Historical Stock Chart
From May 2023 to May 2024