The Works targeting 60 store openings in five years
Books and stationery retailer The Works is targeting 60 net store openings over the next five years as part of a new strategy.
This comes as the retailer aims to grow its sales in excess of £375m by 2030.
The Works – which operates from 506 stores – said it is continuing to open new stores and is focused on a list of around 100 locations.
The retailer revealed its new strategy in its results for the first half of the 2025 financial year, a period during which it opened three new stores, relocated two stores, and closed eight predominantly loss-making stores.
The Works said it is expecting a further five net store closures in the second half of the year, but that it is building a new store pipeline which will see a return to growth, with five new stores being targeted in the 2026 financial year.
During the first half of the financial year, which covered the 26 weeks ending 3rd November 2024, The Works recorded total revenue growth of 1.3% to £124.2m and a like-for-like sales decline of 0.8%, in line with its expectations.
The retailer also recorded an adjusted loss before tax of £6.5m, up from a £10.4m loss during the same period a year prior.
Gavin Peck, chief executive officer of The Works, said: “Looking ahead, we are mindful of the need to navigate fragile consumer confidence and significant cost headwinds but believe there is much to be optimistic about at The Works. We expect that our action to grow revenue, increase margins and reduce costs will deliver improved results in the remainder of this financial year and in FY26. We have laid the foundations for our new strategy, which will transform the business and deliver a significant improvement in performance and shareholder returns in the years to come.”