Home Business News Sofa specialist ScS sales hit by early Christmas shopping seeing shares fall

Sofa specialist ScS sales hit by early Christmas shopping seeing shares fall

by LLB Finance Reporter
26th Nov 21 12:18 pm

Sofa specialist ScS has said that pent up demand has now significantly eased as shoppers bought earlier this year.

In the 16 weeks to 20 November like-for-like orders fell by 10.6% and bosses said supply chain issues have hit the retail sector hard.

Like-for-like order growth was up by 0.9% compared to the same period before the pandemic started and shares fellby more than 8%.

ScS added, “Over the last seven weeks, the group has seen a reduction in store footfall and conversion with consumers spending less on big ticket discretionary purchases.

“This appears to be driven by a change in behaviour with consumers shopping earlier for Christmas when compared with previous years.

“The extended product lead times currently being experienced across the furniture and wider retail industry are also having an impact on current purchasing trends.”

The company said, “Whilst it remains difficult to predict shopping habits and consumer engagement, the business is planning to approach this key period in a manner consistent with that which has proven successful in previous years.”

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