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Scs Sofas - £8.8m Loss In Just 6 Months

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http://news.bbc.co.uk/1/hi/england/wear/7314790.stm

Furniture firm reports £8.8m loss

Sofa retailer ScS Upholstery has reported an £8.8m loss for the first half of the trading year.

The Sunderland-based firm also said like-for-like orders between the end of January and March 15 were down by 15%.

Sales over Easter were up but this came against weak 2007 comparatives when hot weather kept shoppers away from stores.

Chairman Mike Brown said he remained confident cost-cutting measures would see the chain return to profitability by the end of the year.

'No illusions'

The bold numbers are profits in £Millions

http://www.sharecrazy.com/share2607share/s...re&epic=SUY

26-01-2008 Interim 91.77 -8.46 -12.00 - GBX

28-07-2007 Full Year 183.79 7.07 13.68 19.00 GBX

31-03-2007 Interim 113.41 4.72 9.20 7.00 GBX

30-09-2006 Full Year 195.83 17.24 35.12 19.00 GBX

31-03-2006 Interim 107.25 10.30 20.98 7.00 GBX

30-09-2005 Full Year 158.30 17.16 38.15 16.50 GBX

31-03-2005 Interim 88.33 9.87 20.69 6.00 GBX

30-09-2004 Full Year 139.50 14.04 29.76 14.00 GBX

31-03-2004 Interim 73.88 7.20 15.25 5.00 GBX

30-09-2003 Full Year 116.63 8.57 17.98 10.00 GBX

31-03-2003 Interim 62.11 5.91 12.74 4.00 GBX

30-09-2002 Full Year 97.79 9.75 21.04 10.00 GBX

31-03-2002 Interim 50.55 5.20 11.35 3.00 GBX

30-09-2001 Full Year 72.50 7.70 16.82 7.80 GBX

31-03-2001 Interim 37.29 3.85 8.41 2.00 GBX

30-09-2000 Full Year 46.42 5.40 11.74 5.40 GBX

Edited by notanewmember

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this just made me remember, a mate of a mate who works in his family owned furnishing business told me a few years ago sofas from dfs, scs etc were cheap cr@p, he said the firms exist by selling finance deals rather than selling furnishings. Guess we might see a few of those buy now pay next year deals disappearing, coupled with less housing/ ftb transactions. One to watch as will be one of the first to fall imo

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the scs business model has thin margins? Only a 15% fall in orders wipes out profits and sends them careering into the red..... quite astonishing....

yes. like those two teacher btlrs from kent....

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the firms exist by selling finance deals rather than selling furnishings.

I am hoping that this means that, once I've bought my house, I can buy sofas for cash at a sensible price.

It has always irked me that the vendor thinks they can dictate when people can buy at a sane price... and that they'd rather sign me up to pay next year than have the cash today.

It has irked me so much that I've never bought a sofa and continue to use (a rubbish) one from the 80s that I was given... which might be cutting my nose off to spite my face.

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I am hoping that this means that, once I've bought my house, I can buy sofas for cash at a sensible price.

It has always irked me that the vendor thinks they can dictate when people can buy at a sane price... and that they'd rather sign me up to pay next year than have the cash today.

It has irked me so much that I've never bought a sofa and continue to use (a rubbish) one from the 80s that I was given... which might be cutting my nose off to spite my face.

yeah, but on the plus, theres bound to be a lot of loose change down the back of it.

tip it up. does in rattle ?

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"Sales over Easter were up but this came against weak 2007 comparatives when hot weather kept shoppers away from stores."

Global warming is a b1tch.

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http://business.timesonline.co.uk/tol/busi...icle4111790.ece

ScS Upholstery shares plunge as insurer withdraws supplier cover

Shares in ScS Upholstery, one of Britain’s biggest furniture retailers, plunged 46 per cent today as it revealed that a credit insurer was refusing to cover suppliers who are worried about not being paid by the business.

For consumers only pay on credit card ?

Edited by Ash4781

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We went to a small shop to buy a bed recently. The guy said if we wanted to pay by credit card/debit card the premium was 12.5pct.

This is also going to hurt the furniture retailers in addition to the lower trade volume.

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the scs business model has thin margins? Only a 15% fall in orders wipes out profits and sends them careering into the red..... quite astonishing....

Land of Leather 13.00 p down_r.gif6.00 (31.58%) had the same problem at Christmas, even worse now. Sales volume was up IIRC but profit down.

Edited by maxwell

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We went to a small shop to buy a bed recently. The guy said if we wanted to pay by credit card/debit card the premium was 12.5pct.

This is also going to hurt the furniture retailers in addition to the lower trade volume.

Smaller retailers often have onerous merchant charges to contend with when accepting credit cards. But 12.5% appears to be excessive and debit cards should only have a flat fee of about £1.

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What i find funny is that somebody i know bought a sofa from SCS on credit...

SCS then waited one year and then began taking Direct Debit payments.

First payment was something like £60.00 for a £1200 sofa.

They never took another payment.

So £60.00 for a sofa is most definately a bargin even if its cheap sh1t.

Idiots.

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Smaller retailers often have onerous merchant charges to contend with when accepting credit cards. But 12.5% appears to be excessive and debit cards should only have a flat fee of about £1.

Also depends on how long his merchant account provider hold on to the funds for before he gets his mitts on them. Can be a bugger if you got cash flow problems.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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