Home furnishings retailer ScS has said it plans to repay furlough money received in the first half as it revealed sales leapt during the period.
The firm’s boss David Knight said the chain has benefited from “more and more people focusing on their home and investing in their home”.
In the six months to January 23 ScS posted record sales, with good online growth and pent-up demand helping during a period that saw it close stores for seven weeks for lockdowns.
Revenue increased 14.4% to £173.9 million and pre-tax profit rose to £17.7 million from a £600,000 loss a year earlier.
Knight said: “With consumer confidence and the economic environment remaining uncertain, it is difficult to provide clarity on the group’s outlook for the weeks and months ahead. However, we remain cautiously optimistic as recent government announcements have provided further clarity on the anticipated reopening of our stores.”
During the first half £1.3 million was received via the Coronavirus Job Retention Scheme. ScS intends to repay the current year grants before the end of the financial year, assuming the reopening of stores is line with expectations.
As previously announced, Steve Carson will lead the company following Knight’s planned retirement in July .
