26th Nov 2021 11:51
(Alliance News) - ScS Group PLC on Friday said it said orders grew on a total two-year like-for-like basis in the 16 weeks to November, 20 and works to mitigate continued supply chain issues.
Shares in the company were down 9.5% at 225.25 pence each on Friday morning in London.
The Sunderland-based company, which sells furniture and floorings said that total two-year order growth for the 16 weeks ended November 20, 2021, was 0.9%.
ScS' order book as at November 20, was GBP131.9 million, GBP71.5 million above the same point two years prior.
On a one-year like-for-like basis however, the company posted an 11% fall in orders, after an unexpected period of pent-up demand at the beginning of the prior year.
A strong start to the year also resulted in two-year like-for-like order intake growth for the first nine weeks, as previously reported.
Nonetheless, the furniture and flooring retailer has seen a reduction in store footfall and noticed fewer consumers spending less on "big-ticket discretionary" purchases over the last seven weeks.
Furthermore, the company noted extended product lead times are having a negative impact on current purchasing trends.
ScS' strategy for the winter sales period will stay consistent with what "has proven successful in previous years."
The company also stated it would continue to work closely with current suppliers to mitigate supply chain issues and partnered with new UK suppliers to broaden its customer proposition and shorten lead times.
"We believe our continued focus on a promotional, value-led proposition will remain attractive to our target market and the Board looks forward to the future with continued confidence," ScS said.
By Abby Amoakuh; [email protected]
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