The Works posts strong full year performance
The Works has posted a strong full year trading performance with total sales increasing by 12.7 % on a two-year basis and like-for like sales rising by 10.4%.
The multichannel value retailer of arts, crafts, toys, books and stationery items said it had been boosted by a strong first half and record Christmas trading. In addition, two-year like-for-like sales during the final months of the year ending 1 May remained positive, although the rate of growth was lower than before Christmas, as expected.
Gavin Peck, chief executive of The Works, said: “We are pleased to report strong trading in FY22, consistently delivering sales well ahead of pre-Covid levels and another record Christmas. This performance, and the resilience that our business has shown against a challenging external backdrop, demonstrates the positive effect of our “better, not just bigger” strategy, which still has a lot more upside to deliver. We are delighted that our improved trading performance will enable us to recommend reinstating the dividend and remain optimistic that we can deliver further sales growth in the year ahead.”
The retailer said sales since January have been driven by the further development of its customer proposition, in particular the expansion of front list book ranges which has coincided with the emergence of the “BookTok” phenomenon.
Peck added: “By capitalising on this trend, we have been able to draw attention to previously best-selling books and prompt renewed customer interest in them. Branded toys and games have also continued to perform strongly, through reinforcements to our ranges of, for example, Peppa Pig, Paw Patrol and Cocomelon.”
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