The Works sees sales increase despite online decline
The Works enjoyed “robust” sales growth in the 2023 financial year, despite its online business lagging behind.
In the year ending April 30, total sales at the arts and crafts retailer increased by 6.1% to £316.6m, despite a “challenging backdrop”.
Stores, which represent 88.8% of The Works’ total sales, produced an increase in like-for-like sales of 7.5%, however the retailer’s online division saw a declined of 15%. Overall, like-for-like sales grew by 4.2%.
The retailer said that trading was “broadly as anticipated”, and expects to report an adjusted earnings result of around £9m for the financial year.
The Works’ board said it is confident in the future prospects of the business, due to the “appeal and relevance” of the retailer’s proposition, the opportunity to grow sales, and a strong financial position.
Gavin Peck, chief executive officer of The Works, said the business had traded well through difficult conditions, making note of the inflationary environment.
“The store performance was strong throughout the period, demonstrating the enduring value of our store network in communities across the UK and Ireland. Online sales continued to lag behind, partially reflecting the normalisation trend seen more widely”, he added.