The Works posts increase in full year sales
The Works saw its revenue increase by 13.2% in the year to 28 April as the retailer continued its new store roll-out.
There was a 3% rise in like-for-like sales which The Works partly attributed to a “pleasing” performance in its click and collect service.
Selling books, stationery, gifts and arts and crafts products, The Works opened 50 new stores in the period to take its total number of shops to 497. The retailer said its new stores have performed particularly well. The Works is seeking to eventually have a portfolio of up to 1,000 stores in the UK and Ireland.
Although The Works delivered its eighth consecutive record Christmas in the period, like-for-like sales growth has softened since the start of the year which the retailer said was due to the current political and economic uncertainty.
As a result, The Works now expects its adjusted pre-tax profit to be around the lower end of current market expectations.
Kevin Keaney, chief executive of The Works, said: "Our differentiated proposition, offering a wide range of new products at outstanding value and delivered by our highly engaged colleagues, continues to be well received by our customers.”
”Notwithstanding the more uncertain backdrop since January, the business has multiple growth levers and we remain confident in the future prospects for The Works."
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