ScS reports 21.6% increase in full-year revenue for 2021
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ScS reports 21.6% increase in full-year revenue for 2021

05 Oct 2021 (Last Updated October 5th, 2021 15:53)

ScS has reported a strong order performance since the start of the new financial year on 2 October.

UK-based upholstered furniture and flooring retailer ScS has reported revenue growth of 21.6% to $423m (£310.6m) for the fiscal year 2021 (FY21), which ended on 31 July.

The retailer’s gross sales rose by 21.0% during the 53-week period to £324.5m, up from £268.1m a year earlier.

Driven by continued investment and an increase in online shopping during the pandemic, ScS’ online sales for FY21 increased by 146.0% to £46.9m.

The company’s operating profit for the year reached £26.8m, while its gross profit increased by 22.9% to £147.0m.

ScS reported a profit before tax of £22.7m, compared to a loss of £3.1m a year earlier.

The retailer registered statutory earnings of £0.51 for each share, as against a loss of £0.06 for each share in the previous year.

ScS CEO Steve Carson said: “We are delighted with our strong order performance since the start of the new financial year.

“However, we are cognizant of the ongoing challenges we, and many other businesses, are facing with regards to the supply chain, including driver shortages, raw material increases and shipping costs and delays.”

ScS has started the new financial year with two-year like-for-like order intake growth of 11.9% for the nine weeks to 2 October.

The company reported that its one-year like-for-like orders had fallen by 21.0%.

Carson added: “We have demonstrated throughout the pandemic that we have a flexible and resilient business model that is able to adapt to changes in the macro-environment whilst still delivering for our customers.

“We look forward to embedding the new purpose and mission statement into our operations and delivering on our refreshed strategy for future growth, which we are setting out today.”

ScS reported that it had repaid the £3.0m furlough grants it claimed under the UK Government’s Coronavirus Job Retention Scheme after its stores were successfully reopened.