The Works boosted by strong online sales during lockdown
The Works has posted a 3.5% uplift in revenue in the year to 26 April after it benefited from a boost to online sales during the covid-19 lockdown.
While the retailer experienced a difficult first half, trading improved in its second half when like-for-like sales growth returned during its peak Christmas period.
The retailer said it saw a significant increase in sales, both in-store and online, just before its shops closed due to the lockdown. Like-for-like sales climbed by 81% in the week to 22 March as customers bought products to keep children occupied whilst staying at home. The Works said the strong online demand has continued during lockdown with sales rising by more than three times last year’s level.
During the year, The Works opened a net 37 new stores to take the total number of shops to 534.
Looking ahead to the eventual re-opening of stores, the retailer said: “Whilst it is not possible to provide specific guidance for the financial year ahead, the board has a cautious outlook given the highly uncertain trading conditions and the potential impact of social distancing in stores. This caution is reflected in its modelling and the board believes that, based on the scenarios considered, it currently has appropriate liquidity in place.”
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