THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Online Conversion Webinar 2020
Future of Retail Marketing 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
ABOUT
CONTACT
SUBSCRIBE FOR FREE
The Works posts first half loss

The Works, the book, stationery and arts and crafts retailer, has reported a first half loss despite achieving strong sales. In a statement, the company said… View Article

GENERAL MERCHANDISE

The Works posts first half loss

The Works, the book, stationery and arts and crafts retailer, has reported a first half loss despite achieving strong sales.

In a statement, the company said it delivered a strong performance in the 26 weeks to 28 October, with revenue up 15% to £91.5 million and like-for-like sales up 3.8%.

However, the company made an adjusted EBITDA loss of £0.9 million and reported a statutory pre-tax loss of £7.9 million for the period.

The Works attributed the losses to the seasonal nature of its business and the fact that it currently makes all of its profit in the second half of its financial year.

Kevin Keaney, The Works chief executive, said: “We’re really pleased to be reporting a strong maiden set of interim results today. We have continued to delight our customers with our wide and constantly refreshed range of great value products through our flexible and convenient multichannel offering.”

The company also gave an update on more recent trading and said that like-for-like sales in the 11 weeks to 13 January increased by 4.5%. This included growth both in-store and online.

Keaney added: “This is a record performance for us, with customers recognising our great value and exciting product range that made us a go-to choice for Christmas.”

The Works opened a net 32 new stores in the period and said it is on track to have 50 net new stores open by the year-end.

Looking ahead, Keaney said: “In 2019 our focus will be on introducing our unique multi-channel value proposition to even more customers by expanding our store portfolio and our online offer whilst remaining flexible and nimble traders whatever the economic environment may be.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Online Conversion Webinar 2020
Online Conversion Webinar 2020
April 30 2020
Now online - Please register for details
The Retail Bulletin Online Conversion Webinar 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Now online, please register for details
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
The Future Of AI in Retail Conference 2020
The Future Of AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY
Omnichannel Futures Conference 2021
Omnichannel Futures Conference 2021
3 February 2021
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy