SCS sees order levels surge following reopening
Furniture and floorings retailer SCS said on Thursday that orders had almost returned to 2019 levels after reopening its brick and mortar stores and online sales networks following the easing of Downing Street's Covid-19 lockdown measures.
SCS stated post-lockdown trading had been "very strong both" in-store and online, with group order intake increasing 92.2% year-on-year, reflecting pent-up demand and an increased investment in targeted marketing over the last two months.
Sales for the 12 months ended 25 July came to £268m, down from the £333m brought in during the prior year due to the temporary closure from late March to late May of its distribution network and manufacturing partners' facilities.
While SCS said its recent strong order intake performance meant its opening order book for the new financial year was "significantly higher" than in previous years, the group noted that the majority of orders would be delivered in the first quarter of the next financial year due to the fact that its furniture products were made to order and normally have lead times ranging from five to 13 weeks.
"Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, the group is encouraged with its trading performance since re-opening on 23 May 2020," said the group.
"ScS is a resilient business, with a strong balance sheet, coupled with a flexible cost base, and is well-positioned to navigate these difficult circumstances and maximise opportunities as and when they arise."
As of 1040 BST, SCS shares had surged 15.63% to 185.0p.