The Works posts uplift in Christmas sales as chief executive steps down
The Works saw its like-for-like sales edge up 1.5% in the 11 weeks to 12 January after achieving sales growth both in its stores and online.
The arts and crafts retailer said there were strong sales in its core Christmas categories as it benefited from the popularity of new product ranges as well as items linked to the Frozen 2 film release.
However, like-for-like sales dropped by 3.6% in the 26 weeks to 27 October due to what the retailer described as a difficult consumer backdrop. Like-for-like sales were down 1.9% when the impact of the previous year’s Squishies mega trend was excluded.
The Works reduced its pre-tax loss in the half year to £8.5 million from £9.1 million in the previous year. It also opened 28 net new stores and has launched a further 13 since the period end.
The retailer has also announced that Kevin Keaney has stepped down as chief executive and been succeeded by Gavin Peck, who was previously chief financial officer of the company.
Peck said The Works will now be opening fewer new stores as its focuses on driving an improved performance across its existing 538 stores.
He added: “We remain confident in the prospects for the company with the business trading-in line with the boards’ full-year expectations.”
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