Share price collapses after The Works issues profit warning

Shares in The Works plummeted by over 40% yesterday after the retailer issued a profit warning.

The company warned that full-year profits would be “significantly below market expectations” and the markets responded, with shares changing hands for as little as 32.5p – down from an opening price of 44.7p.

Chief executive Kevin Kearney said: ““The consumer environment has remained challenging and we have been trading against strong comparators given last year’s mega trend.

“We now look ahead to the busy Christmas period fully prepared and ready to deliver for our customers with a fantastic selection of good-quality and great-value products.

“Notwithstanding the current backdrop, we remain confident in our medium-term growth opportunities and we continue to invest to unlock them.”