New profit warning from ScS Upholstery
Shares in sofa retailer ScS Upholstery plunged after it warned that continued difficult market conditions will result in full year earnings being below current market forecasts.
Since its interim results in March this year trading has remained challenging, the group said in Wednesday's company statement.
"Based on this bank holiday performance and the continuing difficult market conditions the Board expects that the profit for the second half will be reduced."
Like for like sales order intake for the 41 weeks of this financial year fell 15% and total sales order intake down 11%.
(Article continues below)Advertisement
Like-for-like sales over the bank holiday weekend was "particularly disappointing" the group said with order intake down 20% and total sales order intake down 19%.
ScS said cash as at 10 May 2008 stood at £4.8m having paid all suppliers the previous week.
"The Board continues to focus on cost efficiencies and prudent cash management."
