Proactive Investors - ScS Group PLC said order intake has fallen since the start of its new financial year as economic conditions remain challenging, although orders have picked up in recent weeks with current trading meeting its expectations.
In the period from 31 July to 19 November 2022, like-for-like (LFL) order intake declined by 9.1% year-on-year, the furniture and floorings retailer said in a trading statement issued ahead of Friday’s annual general meeting.
Order intake dropped by 14.4% in the first 10 weeks on strong comparatives, with the corresponding period last year benefitting from pent-up demand following the COVID-19 lockdown, it noted.
Orders have since improved and increased by 1.3% in the six weeks to 19 November, with trading ahead of last year, ScS said.
“The board is encouraged by the group's recent performance and current trading is in line with its expectations for the full year,” it added.
Acknowledging the challenging economic climate and the difficulty in predicting trading, the group said it is preparing for the important winter sales, a key factor in its full-year results.
The company noted that it has continued to gain market share and said its balance sheet remains strong, with cash of £89.7mln and no debt as of 19 November 2022