7th May 2015 06:58
LONDON (Alliance News) - ScS Group PLC Thursday said trading in the 10 weeks to April 4 was in line with expectations, with like-for-like order intake up 7.6%, but like-for-like order intake in the four weeks to May 2 was 15.9% below last year.
The furniture retailer said trading over the Easter Bank Holiday weekend and the first May Bank Holiday weekend was hit by warmer weather coinciding with peak sales periods, resulting in lower footfall in stores.
It added that uncertainty over the outcome of the General Election has "significantly lowered" customers' confidence in committing to "big ticket" purchases, resulting in higher levels of market discounting.
However, ScS said it expects trading to revert to normal as the year progresses, and anticipates earnings before interest, tax, depreciation and amortisation of between GBP11 million and GBP12 million for the full year to July 25.
"The board remains confident of the future growth prospects for ScS and, supported by strong cash flow dynamics and a robust financial position, is committed to paying the planned GBP5.6m dividend to shareholders for the year ending 25th July 2015," ScS said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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