old

The CEO of upholstery and flooring chain ScS says he believes the retailer maintained market share during its “short, sharp dip” in spring trading momentum.


ScS issued an unexpected update to shareholders on 7th May regarding weak Easter and May Bank Holiday trading. The company’s share price lost nearly a third of its value as a result.


But CEO David Knight believes the chain was not alone in suffering during the period.


“This downturn in trading was caused primarily by a particularly warm early spring and the timing of the general election campaign,” he said.


“Our analysis suggests that the business did not lose market share during this period,” he added, suggesting he believes other rival retailers also lost out over the same timeframe.


Sales have since recovered, with the retailer this morning posting FY numbers for the year to 25th July (see related).


Related: Sales strong, but concession costs hit ScS profits