Retailer enjoys record Christmas
Retailer The Works achieved a “record performance” over Christmas as it maintained the growth trajectory that led to it going public last summer.
The books, toys and stationery retailer has published its maiden interim results, confirming a 15% increase in revenues to £91.5m for the 26 weeks to October 28. Like-for-like sales were up 3.8%,
It made a pre-tax loss of £7.9m in the period, which it says is “due to the seasonal nature of the business” with £3m of that attributable to the IPO.
The Sutton Coldfield-based business “continued its sales momentum into the Christmas trading period”, it said, with like-for-like sales up 4.5% for the 11 weeks to January 13.
Kevin Keaney, chief executive of The Works, said: “We’re really pleased to be reporting a strong maiden set of interim results today. We have continued to delight our customers with our wide and constantly refreshed range of great value products through our flexible and convenient multi-channel offering.”
“In 2019 our focus will be on introducing our unique multi-channel value proposition to even more customers by expanding our store portfolio and our online offer whilst remaining flexible and nimble traders whatever the economic environment may be.”
The Works floated in July, valuing the group at £100m, although its share price has since dropped 15% to last night’s close of 136p.