ScS' holiday blues
Sofa chain ScS Upholstery is set to slump to an annual loss after it yesterday revealed worse-than-expected trading over the crucial bank holiday weekend.
The retailer said its performance over the long weekend, a major trading period for furniture stores, had been "particularly disappointing" as like-for-like sales orders plunged by a fifth from a year ago.
ScS's warning is fresh evidence that the slowdown in the UK property market is hurting retailers of 'big ticket' items, as a steep drop-off in home sales hits demand for goods such as sofas, washing machines and carpets.
The Sunderland-based group said full-year earnings would now fail to meet targets. ScS, which made pre-tax profits of £7.07m in 2007, had been expected to break even this year, but analysts said the group was now likely to suffer a loss of £1.6m for the year to July.
The full article contains 155 words and appears in n/a newspaper.
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Last Updated:
15 May 2008 7:20 AM
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Source:
n/a
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Location:
Yorkshire
