The Works hails resilient performance
The Works has delivered what it described as a resilient performance in the year to 30 April with total sales increasing by 6.1% to £316.6 million.
During the period, the value retailer of arts, crafts, toys, books and stationery posted a 7.5% uplift in store sales, which represented 88.8% of total sales. However, online sales declined by 15% which meant there was overall like-for-like sales growth of 4.2%.
The retailer expects to report an adjusted EBITDA of £9 million for the year which is in line with market expectations,
Gavin Peck, chief executive of The Works, said: “Our performance in FY23 was delivered against a challenging backdrop. The business traded well through difficult external conditions, most notably the inflationary environment, and the recovery from the cyber security incident at the start of the year.
“The store performance was strong throughout the period, demonstrating the enduring value of our store network in communities across the UK and Ireland. Online sales continued to lag behind, partially reflecting the normalisation trend seen more widely.”
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