The Works celebrates ‘successful year’ as revenues soar
The Works has cautioned full-year profits would come in at the lower end of expectations despite hailing a “successful year” of sales growth.
In a trading update for the 52 weeks to April 28, 2019 the value retailer said its revenue increased by 13.2% year on year, while its overall like-for-like sales grew by 3%, driven by a “particularly pleasing performance” from its click-and-collect service.
The Works also said it delivered its “eighth consecutive record Christmas performance”, but due to “widely reported economic and political uncertainty” its like-for-like sales for the period did “soften”.
As a result, it said pre-tax profit would now come in “at the lower end of current market expectations”.
During the period, The Works opened a net 50 new stores, taking the total number in its portfolio to 497. It said the return on its new stores have been “particularly strong” and management remain “confident” it will reach its target of expanding its portfolio to 1,000 stores across the UK and Ireland.
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