ScS hails strong start to the year

In a statement ahead of its annual general meeting, the group said like-for-like order intake was up 2.9% in the 16 weeks to 18 November, with two-year like-for-like orders up 8%.

ScS said the core business has continued to perform well, with LFL order intake up 3.6% and two-year LFL orders up 7.9%. Its House of Fraser concessions, which represented 6.2% of group order intake in the period, saw LFL orders drop 6.4% against very strong comparatives, with two-year LFL orders up 10%.

"Whilst it is still early in the current financial year, the group continues to trade in line with our expectations. We believe the group's increasing resilience and value proposition will enable us to manage the continued economic uncertainty and take advantage of opportunities."

The company said it remains on track to open a new store in Chelmsford on Boxing Day 2017.

At 0910 GMT, the shares were up 0.3% to 175p.