ScS Group Warns of Lower FY 2023 Orders as Consumer Sentiment Drops

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By Michael Susin

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ScS Group PLC said Thursday that it has seen a reduced number of online and in-store visitors in recent months and that it expects lower orders for fiscal 2023 amid higher costs of living and economic uncertainty.

However, the UK flooring-and-furniture retailer said it expects to report earnings for fiscal 2022 ended July 31 ahead of market expectations, thanks to robust sales and margins.

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The company said that orders on a like-for-like basis grew 3.9% compared with fiscal 2021 levels but decreased 3.9% compared with prepandemic levels of 2019.

“We expect the low consumer confidence will continue to adversely impact the group in fiscal 2023. However, the group is in a strong position as we enter the new financial year, and strategic progress over the last 12 months means we are well positioned to take market share and maximize opportunities in a difficult environment,” ScS said.

Write to Michael Susin at [email protected]

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Credit: www.marketwatch.com /

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