The Works raises full year guidance after strong like-for-like sales growth
The Works has raised its full year guidance after reporting strong trading momentum in the first 18 weeks of its financial year.
In a statement ahead of its AGM, the company said there was a 10.4% increase in like-for-like sales in the period ending 6 September, up from growth of 5.9% a year earlier.
The retailer of screen-free activities said the performance had been supported by continued sales growth across all four of its key product categories, and was also boosted by its Elevating The Works growth strategy.
Subscribe to TRBWhile mindful of continuing macroeconomic uncertainty, The Works said its performance in the year to date means it now expects its FY27 pre-IFRS 16 adjusted EBITDA to be at least £16 million, ahead of its previous guidance of £15 million and current market expectations.
Gavin Peck, chief executive of The Works, said: “We are delighted with the strong trading momentum and like-for-like sales growth achieved during the first 18 weeks of the year, which includes the important back-to-School trading period.
“This performance has supported a further upgrade to the Board’s FY27 pre-IFRS 16 adjusted EBITDA expectations and reflects the successful execution of our long-term growth strategy and our clear focus on delivering a differentiated customer proposition focused on affordable screen-free activities for the whole family.
“We remain focused on maintaining this strong trading momentum through the remainder of the financial year and delivering the group’s exciting long-term potential for the benefit of all stakeholders.”
