Sofa seller ScS warns over cost-of-living pressures – Messenger Newspapers

ScS has warned that cost-of-living pressures have already driven down orders although the sofa business still lifted its profit expectations for the rest of the year.
The furniture retailer reported a 3.9% increase in orders in the year to July 30, compared with the previous year.
The company said a stronger than expected performance means it will be announcing profits ahead of market guidelines.
It had £70.8 million in cash and no debt at the end of July, the group reported.
Orders spiked 16.6% in the latter half of 2021 versus the previous year, reflecting a post-pandemic resurgence in sales.
However, orders were dragged down almost 10% this year as in-store and online visitors began to fall in recent months.
ScS said the decrease was driven by cost-of-living pressures and economic uncertainty which had led shoppers to tighten their belts.
Low consumer confidence will continue to negatively impact sales in the 2023 financial year, the company reported.
It comes as rival sofa chain DFS also reported a shift in consumer demand in June and a fall in orders, expecting it to hit its profits.
Inflation reached a 40-year high of 9.4% in June as climbing prices of food and fuel drove up the cost of living.
We want our comments to be a lively and valuable part of our community – a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
This website and associated newspapers adhere to the Independent Press Standards Organisation’s Editors’ Code of Practice. If you have a complaint about the editorial content which relates to inaccuracy or intrusion, then please contact the editor here. If you are dissatisfied with the response provided you can contact IPSO here
© 2001-2022. This site is part of Newsquest’s audited local newspaper network. A Gannett Company. Newsquest Media Group Ltd, Loudwater Mill, Station Road, High Wycombe, Buckinghamshire. HP10 9TY. Registered in England & Wales | 01676637 |
Data returned from the Piano ‘meterActive/meterExpired’ callback event.
As a subscriber, you are shown 80% less display advertising when reading our articles.
Those ads you do see are predominantly from local businesses promoting local services.
These adverts enable local businesses to get in front of their target audience – the local community.
It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times.


Leave a Comment