Shares at furniture firm SCS have risen in early trading after announcing strong trading post-lockdown.
The Sunderland based sofa and flooring business, which has 100 stores across the 海角视频, says it is seeing pent-up demand from customers spending on their homes, serving up an additional £19m in sales.
As previously reported, post-lockdown trading has been strong both in store and online, and group order intake rebounded to 92.2% of last year’s levels in the period from May 24 to July 25.
The firm, which employs 1,700 people and has 99 stores across the 海角视频, temporarily closed its store and distribution network from March 23 to May 23 following the announcement of Government guidance on social distancing to slow the spread of the coronavirus.
In an update to shareholders ahead of announcing full year results later this month, the firm said: “We believe current performance continues to benefit from pent-up demand and an increased investment by 海角视频 consumers in their homes.
“Trading since the start of the new financial year has remained strong, with like-for-like order intake growth of 51% for the six weeks to 5 September 2020.
“This growth, which is equivalent to £19m of additional revenue, has significantly exceeded our expectations and the board continues to be encouraged by recent trading.
“ The group is well positioned, with our value led proposition being underpinned by a strong balance sheet.”
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Shares are currently up 8% to 168.5p, following the update.
The group said it is now entering its key autumn trading period and warned that it remains difficult to predict the potential impact of the increased economic uncertainty – as well as the impact it will see from the end of the Government’s furlough scheme at the end of October.
The group will announce its preliminary results on September 29.