The Works on track to meet full year profit guidance
The Works has said it is on track to meet full year profit guidance despite a small dip in first half sales.
In the 26 weeks to 2 November, total sales fell slightly by 0.3% to £123.8 million, although like-for-like sales increased by 0.3%.
Store like-for-likes grew by 4% as the retailer continued to implement its ‘Elevating The Works’ strategy. The Works said the increase was driven by more customer focused marketing campaigns, new ranges and improved operational standards.
Online sales, which represent less than 10% of sales, declined by 36% due to the impact of operational challenges following the transition to a new third-party fulfilment partner.
Subscribe to TRBLooking ahead, The Works said it is well positioned to optimise store sales in its peak trading period and is on track to deliver full year pre-IFRS 16 adjusted EBITDA of £11 million, which is in line with market expectations.
Gavin Peck, chief executive of The Works, said: “We are pleased with the progress made in the first half of FY26, having delivered a number of important strategic initiatives, a strong performance in-store and ongoing margin growth.
“Our focus on delivering screen-free activities for the whole family is resonating with customers and, notwithstanding the challenging retail backdrop and ongoing online capacity constraints, we are on track to deliver
further strategic and financial progress in the remainder of the financial year and beyond.”
The Works has also announced that Simon Hathway has informed the board of his intention to step down from his role as non-executive director in early January to take on a full time executive director at role at B&M.
