Sofa seller ScS says it has completed a £3.1m share buyback that was first announced in November.
The Sunderland-based retailer told the London Stock Exchange it had now returned £7m to shareholders through the repurchase of 4,057,981 ordinary shares, which includes a separate buyback programme first announced in March last year. The figure represents 10.7% of the company's issued share capital at that point in 2022.
The move comes amid continued investment in new store openings - ScS having highlighted the launch of its 100th store in a trading update earlier this month. New locations in Swindon and York were the latest additions to its network.
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In January ScS acquired online 'sofa-in-a-box' firm Snug Shack in a pre-pack administration that saved 53 jobs. ScS recently reported the move would complement its existing offer and diversify its customer base and market share. The plc had reported a strong balance sheet with cash of £76.9m at the end of January and no debt. Sales had grown 2.6% in the 10 weeks to the start of February - a period which include the sector's key winter sale period.
At the time the firm said: "Despite the current economic climate remaining challenging and unpredictable, the board is encouraged by recent order levels. We continue to believe that the group's refreshed strategy, strong cost management and robust balance sheet places it in an excellent financial and operational position. The group remains on track to meet full year market expectations."
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