The Works is a value retailer selling arts, crafts, books, stationery and toys – all at discount prices. It is the UK’s leading discount book retailer.
The Works has over 500 stores across the UK and Ireland. It was founded in 1981, while TheWorks.co.uk (the company’s first ecommerce platform) was launched in 2012.
Investment in full multichannel development has been ramped up over the past few years, with the focus on delivering the complete integration of its ecommerce systems and store network.
Current priorities include re-platforming the website, the ongoing integration of its systems, overhauling its merchandising and buying systems, and making the most of the data it gets from its Together reward card scheme.
The store opening programme has also been accelerated: it wants to get to 650 by 2022 and has longer term aspirations for up to 1,000 outlets.
The Works acquired 26 outlets of the chains Bargain Books and Bookworld in 2017. In July 2018, the company floated on the London Stock Exchange, being valued at £100m. It raised £62.5m to clear debt and fund ongoing expansion.
It’s that time of year in the jobs market when retailers that encountered difficult trading at Christmas reflect on what went wrong and what they could do better.
The Works posted a fall in half-year profits as it was revealed that chief executive Kevin Keaney is stepping down with immediate effect.
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The Works has issued a profit warning in its half-year trading update, as it says a “challenging consumer backdrop” and strong comparables hit its like-for-like sales.
The Works reported a decline in its profit before tax, despite an increase in its like-for-like sales.
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