Wednesday March 26, 08:20 AM
ScS swings to first-half loss
LONDON (ShareCast) - Sofa retailer ScS Upholstery (LSE: SUY.L - news) moved to a first half pre-tax loss after a 'challenging'
trading period, but said it remains confident of a profitable second half.Pre-tax losses came to £8.5m in the six months ended 26 January compared to a profit of £4m last time. Like for like sales order intake was down 15% and revenue fell 13% to £91.8m. Like for like sales order intake for the year to date including the week ended 15 March remained at 15% down. "This has been an extremely challenging trading period and we are under no illusions about the economic trading environment," said chairman Mike Browne. "Whilst we remain confident of a profitable second half, we will continue to manage the business on the basis that we are unlikely to see any upturn in economic conditions for some time," he added. As previously announced, the group is not recommending the payment of a dividend this financial year. The sofa retailer already warned in December that a downward trend in sales order intake will have a significant adverse impact on sales and results for the half-year.
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