The Works sees online sales dip but total sales increase
Arts and crafts retailer The Works has recorded a 16.9% decrease in its online sales, however these were still 50% above pre-pandemic levels, following a normalisation of shopping trends post-COVID.
In its half-year trading update, the company saw a 2.1% increase in total sales, and a 3.5% increase for in-store trading.
Sales were affected in all departments in May, The Works citing a cyber security incident in March which lead to operational issues.
However, the retailer said it enjoyed a strong performance from June onwards, especially in the Summer when its outdoor play range performed well. The company’s sales were also buoyed by a strong ‘back-to-school’ season and an expansion of its book offers.
In the six weeks since its previous trading update, The Works has seen solid growth, although it said that online sales continue to lag behind in-store trading.
Gavin Peck, chief executive officer of The Works, said: “We have delivered a resilient performance in the first half with positive sales growth overall, demonstrating continued progress against out “better, not just bigger” strategy.”
He added: “Although it is very difficult to predict what Christmas will look like this year […] The Works has proven itself to be a resilient business and we remain confident in our ability to make progress on our strategy and deliver growth in the medium term, supported by a robust balance sheet.”
The retailer will release its results for the first half of the 2023 fiscal year and Christmas period on Friday, 20 January.