The Works hails year of significant progress
The Works has said it expects profits to come in ahead of market expectations in the year to 4 May 2025.
The retailer of arts and crafts, stationery, toys and books said adjusted EBITDA is now anticipated to be around £9.5 million compared to £6 million in the prior year due to it making good progress with its new strategy.
The Works delivered like-for-like sales growth of 0.8% in the period following a 2.3% like-for-like increase in its stores, which account for of 90% of trade
Meanwhile, online sales declined by 12.1% due to previously announced online fulfilment issues experienced over the Christmas trading period.
Gavin Peck, chief executive of The Works, said: “We are pleased to have made such significant progress in FY25, both strategically and financially, particularly given the challenging retail backdrop.
“Our sustained efforts to reduce costs and grow product margins, together with the strong sales growth post-Christmas, means we delivered profits ahead of expectations in FY25.”
Looking ahead, The Works said it is now targeting profit growth in excess of market expectations in its current financial year.
Never Miss a Retail Update!Peck added: “As ever, we’ve got more work to do, but everyone at The Works is focused on fulfilling our ambition to become the favourite destination for affordable, screen-free activities for the whole family.
“We are confident that this, coupled with the strong momentum in our trading performance, will see us deliver further profit growth in FY26.”
